Universal Property Development Corporation (fka UPDV)

[Ericus]

http://finance.yahoo.com/q/is?s=HTOG.OB

Heartland Oil and Gas Reduces Costs and Expands Assets in Third Quarter - Increased Production and Revenues Result
Wednesday November 14, 4:26 pm ET


HOUSTON--(BUSINESS WIRE)--Heartland Oil and Gas (OTCBB:HTOG - News) (FWB:HOCA) today filed its SEC Form 10-QSB, reporting the results of its business activities for the Third Quarter, its first full quarter since being acquired by Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News). These results demonstrate that Heartland’s new management has expanded the company’s total assets by nearly $2 million since the first of the year, drilling 20 new wells and extending its pipeline and gathering system in Kansas and cutting operating costs, positioning the company for a new era of revenue growth.
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Since the end of the third quarter, Heartland has completed and connected 5 of the 20 new wells it drilled, resulting in an immediate and sustained increase in gas sales of 75%. With the remaining 15 wells scheduled to be completed and connected beginning this week and a continuing program to drill up to 20 new wells per month, consistent production and revenue growth should result.

In addition to the increased production Heartland will be generating from its new wells in Kansas, the transfer of UPDA’s properties in Palo Pinto and Jack counties in Texas will be completed during the Fourth quarter, further expanding Heartland’s production and revenue. The wells in Texas are currently generating monthly revenue of about $200,000 which is expected to double or more as result of planned recompletions, some into the Barnett Shale.

“We’ve made significant progress and are moving in the correct direction in reducing our overall Operating expenses and our Operating Net Loss in the third quarter of 2007. We reduced both categories by 16% and 13% respectfully. Now that we have streamlined our G&A expenses we can focus on our specific business plan and increase revenues for the remainder of 2007. Our focus is now to increase sales revenues by the expedited delivery of natural gas to the market,” stated Heartland CEO Steven A. Fall.

“We’ve gained quite a bit of experience drilling wells during the past few months which should allow us to pursue our aggressive drilling program with even greater efficiency,” continued CEO Fall. “All of the wells have had impressive gas shows and the production we are seeing from the first completions is very satisfying. The plans we have for Texas are even more promising in the short run. With the cost controls we successfully implemented during the third quarter, the expanding revenue expected during the Fourth quarter and beyond should allow us to achieve our goal of expanding shareholder value.”

In April 2007, Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) (FWB:UP1) www.universalpropertydevelopment.com acquired a majority of the stock of Heartland Oil and Gas Corp. (OTCBB:HTOG - News) (FWB:HOCA) signaling the beginning of a new era of development and growth for Heartland. Since this change, a new management team was introduced at Heartland, led by veteran geologist, Steven A. Fall, and Heartland has been designated UPDA’s E&P subsidiary and undertaken an aggressive program of expansion both generically and through acquisitions.

For further information, visit www.heartlandoilandgas.net

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.



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

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Source: Heartland Oil and Gas Corp.