American Capital Partners Ltd Announces that Upstream Petroleum Corporation Increases Oil Production
July 9, 2008 4:05 PM EDT
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--
American Capital Partners Limited, Inc. (Pink Sheets: APRJ) announces that Upstream Petroleum Corporation, an oil and gas exploration and production company with producing properties in Louisiana, has begun producing oil from its newly acquired Homestead B Lease, and will complete the final stages of a re-work program to bring it to full capacity. Presently, the Homestead B lease is operating at a 50% capacity with 4 oil producing wells online. By the end of July, Upstream will finish the final stages of the program and have 8 wells running and pumping oil on the Homestead Lease. With the new oil producing wells online, Upstream will more than double its oil production capacity in its Louisiana properties and see a increase in its gross profits of over 100%. "This development will move the company closer to its goal of being a premier oil and gas company with an eye on orphaned domestic leases and offshore exploratory leases in Central America," says Joseph Kump, President of Upstream Petroleum Corporation. Upstream continues to seek out and negotiate the acquisition of these orphaned domestic leases that need a minimum of capital upgrade and that provide steady growing income.
About Upstream Petroleum Corporation
Upstream is a junior oil and gas exploration and Production Company whose specialty is identification and development for drilling world class offshore turbidite formations. All of the major hydrocarbon discoveries since 1970 have been made in these geological structures. Upstream has an international geophysical team uniquely qualified for this exploratory work often finding major discoveries overlooked or abandoned by the major oil companies. The company expects to add 500 million barrels of oil to its reserves per year for the next five years. Upstream Petroleum currently is an oil producer in Louisiana.
Except for historical information contained herein, the statements made in this press release constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, which invoke significant risks and uncertainties. Certain factors, including those outside the company's control, may cause actual results to differ materially from those discussed in the forward-looking statements.
Source: American Capital Partners Limited, Inc. http://www.streetinsider.com/Press+Releases/American+Capital+Partners+Ltd+Announces+that+Upstream+Petroleum+Corporation+Increases+Oil+Production/3808206.html