U.S. Crude Production Manager Travels To Oklahoma For Further Lease Assessments.Business Editors REDLANDS, Calif.--(BUSINESS WIRE)--March 21, 2001 U.S. Crude Ltd. (Trading Symbol Trading symbol See: Ticker symbol :USCR USCR United States Committee for Refugees ) announced Wednesday that Fernando Tadwilliams, the company's production manager, will be traveling to Oklahoma later this week to oversee further expansion efforts and to evaluate a number of additional leases. Over the last three weeks, U.S. Crude has put several more wells online and the company will continue to identify the properties with the greatest production potential in an ongoing effort to bring U.S. Crude to profitability. A total of 11 wells are now in production on the Southwest Domes lease, up from just a single well at the beginning of February. Daily production has increased from less than one barrel of oil per day to up to 30 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. on this lease alone. Daily natural gas production on the Southwest Domes property has been as high as 54 mcf (thousand cubic feet), up from no production less than a month ago. Assessments will be made of several other U.S. Crude properties in the next week, including the North Hickory, North Hickory II, and Holcombe leases. An exploratory survey of company leases in Washington County Washington County is the name of 30 counties and one parish in the United States of America, all named for George Washington. It is the most common county name in the United States. , as well as its leases in Kansas, will be conducted under the direction of Tadwilliams. Before leaving for Oklahoma, Tadwilliams commented: "We have been aggressively addressing the challenges presented by each of our leases in an effort to maximize production while keeping expenses to a minimum. U.S. Crude's production department will remain focused on exploring the capabilities of all company properties, not only for production, but also for the application of steam technology in the future." The company is awaiting funding from a $4.86 million United States Department of Agriculture United States Department of Agriculture (USDA), n.pr established in 1862, USDA is responsible for the safety of meat, poultry, and egg products. It conducts ongoing research in areas from human nutrition to new crop technologies and also helps ensure open Rural Development loan. The final loan package has been submitted to the Texas bank that is funding the loan, and U.S. Crude hopes to receive the money in a matter of weeks. Once the money is received, the company will endeavor to put all of its oil and natural gas wells online and fund the manufacture of U.S. Crude's innovative steam and gas technologies. U.S. Crude is still awaiting action to have the company re-listed on the OTCBB OTCBB See OTC Bulletin Board (OTCBB). . The Company U.S. Crude is an oil technology and production company with more than 300 fully equipped oil and natural gas wells on 8,780 acres of land in several states. The great majority of these wells were acquired at favorable prices when oil was valued at historically low levels. As the demand for energy has grown rapidly, U.S. Crude is in a position to more fully utilize its oil and natural gas leases. The company's long-term goal is to acquire 10,000 oil and gas wells over the next eight years. In addition, U.S. Crude will use its patented and patent-pending technologies to rekindle re·kin·dle tr.v. re·kin·dled, re·kin·dling, re·kin·dles 1. To relight (a fire). 2. To revive or renew: rekindled an old interest in the sciences. marginally producing wells to profitable levels. The company holds the license to the technologies and the rights to market the TM-96 Portable Steam Generator A steam generator is a device used to boil water to create steam. It may refer to:
Although major oil companies have used steam and gas technologies for years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time TM series technologies provide a portability and low cost of operation not previously available. Given the amount of unharvested oil in under-industrialized economies, substantial international opportunities also exist for this technology. For more information visit the company's Web site at www.uscrude.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This news release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies and other factors described in the company's filings with the Securities and Exchange Commission. The actual results may differ materially from any forward-looking statements due to such risk and uncertainties. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. |
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