United American Petroleum Corp. Receives Commitment for Further Funding
October 27 2011 - 9:00AM
United American Petroleum Corp. (OTCBB: UAPC.OB).
United American Petroleum Corp. ("UAPC") entered into a Note and
Warrant Purchase Agreement (the "Purchase Agreement") with a
private investor (the "Investor") pursuant to which the Investor
agreed to fund up to $1.5 million to UAPC in multiple installments
in exchange for convertible promissory notes. The first installment
of $400,000 was delivered on the date of the purchase agreement
(October 14, 2011) and the Investor will fund additional
installments in amounts as requested by UAPC.
Michael Carey, United's President, stated, "This cash infusion
will accelerate United's current operations and provide flexibility
for future development opportunities. I am confident the future
prospects for United are very favorable and we are focused on
creating additional value for our shareholders. The proceeds raised
will allow us to work-over existing wells to increase productivity,
facilitate corporate operations and additional drilling and
acquisition activity during 2011-2012."
For additional information regarding the Company's operations,
projects, management team and other valuable information, please
visit the Company's web site at www.unitedamericanpetroleum.com. To
be placed on the Company's master email list and receive future
press releases, progress reports and developments, please send an
email to ir@unitedamericanpetroleum.com or contact Investor
Relations at +1 855-PETROL-1.
About United American Petroleum Corp.
United American Petroleum Corp. is an independent exploration,
development, acquisition, production, and operating company engaged
in advanced exploration, drilling and completion techniques to
explore for, produce and develop domestic oil and natural gas
reserves. The Company's strategy centers on increasing shareholder
value through actively pursuing and developing high-potential
acquisitions for drilling and production while maintaining a
prudently managed balance sheet. The Company's main current
projects are in Texas, however, additional acquisitions may
encompass active plays throughout the United States.
The United American Petroleum logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8834
Forward-looking Statements:
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and the Company's growth and business
strategy. Words such as "expects," "will," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations on
such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to, changes in the Company's business; competitive factors
in the market(s) in which the Company operates; risks associated
with oil and gas operations in the United States; and other factors
listed from time to time in the Company's filings with the
Securities and Exchange Commission. The Company expressly disclaims
any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based.
Cautionary Note to U.S. Investors -- The United
States Securities and Exchange Commission permits oil and gas
companies, in their filings with the SEC, to disclose only proved
reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. We use
certain terms in this press release, such as "probable,"
"possible," "recoverable" or "potential" reserves among others,
that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. Investors are urged to consider closely the
disclosure in our filings with the SEC.
CONTACT: United American Petroleum Corp.
Barry Gross
+1 855-PETROL-1
ir@unitedamericanpetroleum.com
info@unitedamericanpetroleum.com
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