Effective June 26, 2008, Heritage Explorations Inc. has changed its name to USR Technology Inc. which reflects the new and exciting direction being undertaken by the company in the oil and gas services sector, specifically the provision of directional drilling services to international oil and gas companies, with emphasis on ultra-short radius, short radius and slim-hole applications. With the new name, the company also has a new trading symbol, “USRT”, on the Over-the-Counter Bulletin Board.
There have also been other changes as it relates to corporate officers and daily operations. Effective June 20th, 2008, John L. Ogden resigned as president of the company and was appointed chairman. Serving as the new president of the company and a member of the board is J. David LaPrade, who has extensive industry experience, including 27 years in the oil and gas sector, specifically in the drilling of ultra short radius wells.
In regards to future plans, the company will deploy proprietary well intervention technologies, including rotary steerable tools and USR mud motors that are specifically designed to exploit remaining reserves, increase production from marginal wells, restore production from shut-in wells, and reduce water production. The company is also looking towards branching out of their head office in Houston, Texas and is currently in the process of establishing branch offices in Bahrain, Oman, India and Malaysia.
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