Heartland Oil and Gas, a oil and gas exploration and production company and a subsidiary of Universal Property Development and Acquisition Corporation ((UPDA.OB), announced that the company posted revenues from the sale of natural gas in excess of $266,000 during the month of April. Included among the proceeds were first-time sales from its coal bed methane fields in Kansas of more than $100,000.
Acting as a spokesman for Heartland, Jack Baker stated, “The production from Kansas has been consistently increasing since UPDA first acquired Heartland about one year ago and with the steady escalation of prices, revenues have increased at an even steeper rate. With the 12 additional wells to be connected soon to the pipeline extension, revenue growth should become even more dramatic, perhaps as much as double.”
He went on to say, “We have also greatly expanded production from our Catlin Oil and Gas Field in Jack County, Texas, generating over 300 mcfg/day as well as enlarging quantities of crude oil. These increases, coupled with the significant G & A and payroll cost reductions we implemented last year, should considerably strengthen our bottom line in the coming quarters.”
The company also made another announcement relating to pipeline expansion and intends on continuing its efforts to further enhance production with the near completion of another 4.5-mile pipeline extension. This extension will connect the 12 new wells in its Jake Coal Bed Methane Field and substantially expand its area of operations in Miami County, Kansas. Finally Heartland is also in negotiation to make improvements to its wells in Palo Pinto County, Texas.
Jack Baker concluded, “Even in this difficult investment climate and despite steadily increasing costs for oil field equipment and services, we have maintained our commitment to the growth of our field operations. Progress has been slower than anticipated but steady. We will continue to apply all available resources to the development of our vast acreage in Kansas and to exploit the considerable potential of our well-positioned assets in Texas. While the results we have already achieved are significant, we are even more confident in the promise of the future.”
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