Heartland Accepts Resignation of Interim President - Prepares to Execute Oil and Gas Field Development Plans
HOUSTON--In an effort to reduce costs and increase operational communication and efficiencies Heartland Oil and Gas Corp. (OTCBB: HTOG) (FWB: HOCA) has accepted the resignation of Interim President Steven Fall and terminated the administrative staff of its Houston office.
With development plans for the expansion and improvement of its oil and gas fields in Texas and its coalbed methane properties in Kansas substantially complete, Mr. Fall and the Heartland Board negotiated terms for his departure.
"Since the focus of Heartland's efforts from this point forward will be in the fields, it was decided that the executive staff of the home office was no longer necessary," explained Heartland Chairman Kamal Abdallah. Mr. Abdallah is also Chairman and CEO of Heartland's majority shareholder, Universal Property Development and Acquisition Corporation (OTCBB: UPDA) (FWB: UP1) and will now assume the role of CEO of Heartland without compensation.
"We will now direct the execution of the development plans through UPDA's Aztec Well Service subsidiary. This will result in a significant reduction of costs and the elimination of bureaucratic delays," continued Chairman Abdallah. We have great confidence that Aztec's field personnel can accomplish our objectives with great efficiency."
About Heartland Oil and Gas Corp.
In April 2007, Universal Property Development and Acquisition Corporation (OTCBB: UPDA) (FWB: UP1) acquired a controlling interest in Heartland Oil and Gas Corp. and designated Heartland as its exploration and production arm. Since that time, UPDA acquired additional wells and acreage in Palo Pinto County, Texas with current production of approximately 1000 mcfg/day and will soon transfer those wells as well as all of its wells and acreage in Jack County, Texas to Heartland. For further information, visit www.heartlandoilandgas.com
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
Contacts
Heartland Oil and Gas Corp.
Jack Baker (Investor Relations), 561-630-2977
info@heartlandoilandgas.com
With development plans for the expansion and improvement of its oil and gas fields in Texas and its coalbed methane properties in Kansas substantially complete, Mr. Fall and the Heartland Board negotiated terms for his departure.
"Since the focus of Heartland's efforts from this point forward will be in the fields, it was decided that the executive staff of the home office was no longer necessary," explained Heartland Chairman Kamal Abdallah. Mr. Abdallah is also Chairman and CEO of Heartland's majority shareholder, Universal Property Development and Acquisition Corporation (OTCBB: UPDA) (FWB: UP1) and will now assume the role of CEO of Heartland without compensation.
"We will now direct the execution of the development plans through UPDA's Aztec Well Service subsidiary. This will result in a significant reduction of costs and the elimination of bureaucratic delays," continued Chairman Abdallah. We have great confidence that Aztec's field personnel can accomplish our objectives with great efficiency."
About Heartland Oil and Gas Corp.
In April 2007, Universal Property Development and Acquisition Corporation (OTCBB: UPDA) (FWB: UP1) acquired a controlling interest in Heartland Oil and Gas Corp. and designated Heartland as its exploration and production arm. Since that time, UPDA acquired additional wells and acreage in Palo Pinto County, Texas with current production of approximately 1000 mcfg/day and will soon transfer those wells as well as all of its wells and acreage in Jack County, Texas to Heartland. For further information, visit www.heartlandoilandgas.com
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
Contacts
Heartland Oil and Gas Corp.
Jack Baker (Investor Relations), 561-630-2977
info@heartlandoilandgas.com
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