Universal Property Development Corporation (fka UPDV)

[hoerud]

Heartland Oil and Gas Corp Perforates Five Wells and Prepares to Drill Nine Additional Wells in Cherokee Basin Coalbed Methane Field

Last Update: 6:29 AM ET Sep 10, 2007
PrintPrint EmailE-mail Subscribe to RSSSubscribe to RSS DisableDisable Live Quotes
BALDWIN, Kan., Sep 10, 2007 (BUSINESS WIRE) -- Continuing the progress of its aggressive drilling program in Kansas, Heartland Oil and Gas Corp. (HTOG:
heartland oil & gas corp nev com new
News, chart, profile, more
Last: 0.99-0.01-1.00%
3:59pm 09/07/2007
Delayed quote data
Add to portfolio
Analyst
Create alert
Insider
Discuss
Financials
Sponsored by:
HTOG0.99, -0.01, -1.0%) (FWB:HOCA) has perforated the casing of five of the 17 wells it recently drilled in its Cherokee Basin Coalbed Methane Field in Southeastern Kansas. As a result of this work, gas is flowing from several of the wells prior to the fracturing of the reservoirs.
"This flowing gas is obviously a very positive sign," confirms Heartland CEO Steven A. Fall. "While we expect gas to flow once we frac the sands and coal seams, the fact that gas is flowing before stimulation and without de-watering the wells demonstrates significant pressure. From initial results, we expect these first five wells to double our production from this field to over 600 mcfg/day."
While Heartland continues the completion of the 17 newly drilled wells, it has also received permits for 4 more wells and applied for permits for another 5, bringing the total number of wells drilled or to be drilled in that field to 50.
"We are establishing very efficient procedures that will allow UPDA subsidiary, Aztec Well Services, to move forward with the drilling program while additional contractors perform completion procedures and others extend the pipeline and attach the wells to the sales line," continued Heartland CEO Fall. "The activity in the field is very impressive."
In April 2007, Universal Property Development and Acquisition Corporation (UPDA:
universal ppty dev and acqu com
News, chart, profile, more
Last: 0.04+0.00+2.50%
3:30pm 09/07/2007
Delayed quote data
Add to portfolio
Analyst
Create alert
Insider
Discuss
Financials
Sponsored by:
UPDA0.04, +0.00, +2.5%) (FWB:UP1) acquired a controlling interest in Heartland Oil and Gas Corp. and designated Heartland as its exploration and production arm. Since that time, UPDA acquired additional wells and acreage in Palo Pinto County, Texas with current production of approximately 1000 mcfg/day and will soon transfer those wells as well as all of its wells and acreage in Jack County, Texas to Heartland.
For further information, visit www.heartlandoilandgas.com
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
SOURCE: Heartland Oil and Gas Corp.

Heartland Oil and Gas Corp.
Jack Baker (Investor Relations), 561-630-2977
[e-mail]


Copyright Business Wire 2007 End of Story

http://www.marketwatch.com/news/story/heartland-oil-gas-corp-perforates/story.aspx?guid=%7BEC970C6C%...