United Heritage Corporation (Nasdaq: UHCP), a public company involved in the development of medium gravity crude oil assets announced that on May 19, 2008, it terminated a consulting agreement (the "Consulting Agreement") with GWB Petroleum Consultants Ltd., effective as of February 1, 2008, for the provision of the services of Geoffrey W. Beatson as its Vice President of Engineering and Production. The Consulting Agreement was terminated for cause and under the circumstances there are no early termination penalties to the Company.
The Company has undertaken an active search to fill the vacancy created by Mr. Beatson's termination.
About United Heritage Corporation
United Heritage Corporation, founded in 1981 and based in Midland, TX, is focused on the development of on-shore oil and gas assets. The company has project covering 10,500 acres in the Wardlaw Field, Edwards County, TX. The field is currently producing oil which is categorized as "medium crude," at 15-18 API gravity. Management believes its acreage has substantial reserves, and is applying new technology to properly extract the reserves.
Private Securities Litigation Reform Act Safe Harbor Statement: All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as codified in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including any projections of earnings, revenue, cash or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include our limited capital resources and limited access to financing. United Heritage Corporation assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.