Sunday, July 26, 2009

Heartland Oil & Gas Corp

Heartland Oil and Gas Corp. (OTC BB: HTOG) is an oil and gas exploration and production company and a subsidiary of Universal Property Development and Acquisition Corporation (OTC BB: UPDA). On September 27, 2004 Heartland completed the acquisition of the Forest City Basin and Bourbon Arch assets from Evergreen Resources, Inc. for a purchase price of $22 million. The Forest City Basin assets consisted of all of Evergreen Resources, Inc.’s interest in all its oil and gas leases covering an aggregate of approximately 766,000 acres located in the State of Kansas, together with 60 well bores and all surface equipment, gathering and surface facilities and all geological, engineering, land and accounting data and records pertaining to these leases and assets.

Prior to its acquisition of the assets from Evergreen Resources, Heartland Energy had interests in leases covering approximately 252,000 acres in central Kansas (the “Soldier Creek project”). Heartland owns 100% of the working interest in all of these leases with a net revenue interest of approximately 85%.

After the acquisition of the Evergreen assets, Heartland Energy held in excess of 1 million acres of prospective CBM leases at various stages of development, 88 wells, including 43 CBM wells in eight pilots that were dewatering and/or venting gas, 37 CBM wells awaiting stimulation, and 8 saltwater disposal wells.

On April 20, 2007, UPDA acquired approximately 52% of the common stock of Heartland Energy and nearly $5,000,000 of its debt in a cash and stock transaction. Since that time, Heartland has undertaken an aggressive drilling program in its Cherokee Basin Coalbed Methane Field in Southeastern Kansas and acquired about 75 producing wells in Northern Texas. As a result of the conversion of that debt into Heartland preferred stock, UPDA now controls over 70% of the voting stock of Heartland.

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