United American Petroleum announces significant improvements from second quarter workovers
Thursday, August 22, 2013
- Workover procedures completed in the second quarter of 2013 yielded increased oil and gas revenue to $238,165 in the second quarter of 2013 from $142,784 in the first quarter of 2013.
United American Petroleum Corp. (OTC Markets: UAPC) announce successful results from second quarter workovers. During the four-month period ended August 1st 2013, UAPC endeavored to complete certain workover procedures on the Merrick Davis, Welder and BRF properties. These opportunities were identified for the high probability of significant return to UAPC.
Workover procedures completed in the second quarter of 2013 yielded increased oil and gas revenue to $238,165 in the second quarter of 2013 from $142,784 in the first quarter of 2013. Production increased to 27.91 BOPD in the second quarter of 2013 from 20.87 BOPD in the first quarter of 2013. UAPC has focused its efforts to create positive sustainable cash flows. The second quarter results indicated that UAPC will require approximately an additional 36 BOPD to achieve positive cash flows at current oil prices.
Michael Carey, President and CEO, stated, "We are pleased to report a strong performance for the first six months of our 2013 fiscal year. We have made significant strides over the last six months to increase revenues. We expect to significantly increase production in the third quarter as we did in the second quarter."
Ryan Hudson, Chief Operating Officer, added, "The increase in oil and gas production and revenues is primarily related to production increases on the Lozano, McKenzie, Merrick Davis and Welder properties. Our workover procedures on each of these properties has yielded significant increases in production and moved us significantly closer to positive cash flows. We have identified multiple additional opportunities and look forward to capitalizing moving forward through our low-risk, economical workover procedures."
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