USR Technology Inc.
OTC Bulletin Board : USRT

USR Technology Inc.

July 02, 2008 15:22 ET

Heritage Explorations Announces Name Change, New Direction of Company and Appointment of New President

HOUSTON, TEXAS--(Marketwire - July 2, 2008) - Heritage Explorations Inc. is please to announce that effective June 26, 2008 the company changed its name to USR Technology Inc. (OTCBB:USRT) to reflect a new and exciting direction being undertaken by the company in the oil and gas services sector, specifically the provision of directional drilling services to international oil and gas companies, with emphasis on Ultra-Short Radius (USR), Short Radius (SR) and slim hole applications. The company will deploy proprietary well intervention technologies, including Rotary Steerable Tools and USR Mud Motors that are specifically designed to exploit remaining reserves, increase production from marginal wells, restore production from shut in wells and reduce water production. From its head office in Houston, Texas the company is currently in the process of establishing branch offices in Bahrain, Oman, India and Malaysia.

The change of name became effective with the Over-the-Counter Bulletin Board at the opening for trading on June 26, 2008 under the new stock symbol "USRT".

On June 20th, 2008, John L. Ogden resigned as President of the company and was appointed Chairman. The company has appointed J. David LaPrade as President and a member of the board of directors. Mr. LaPrade has extensive experience in the oil and gas sector, specifically in the drilling of ultra short radius wells.

J. David LaPrade

J. David LaPrade has over 27 years experience in the oil and gas industry. Since 1990 he has been actively involved in the development and commercialization of Ultra-Short Radius Drilling (USRD), planning and executing more than 200 USRD wells in the US, Oman, India and Turkey. In 2000 he moved to Oman to manage the first USRD contract outside of the US.

Mr. LaPrade has published numerous articles concerning USRD and spoken before dozens of organizations worldwide regarding its application. Since 2005 Mr. LaPrade was general manager of Well-Flow Drilling Services based in Mumbai India. Prior to this he was an owner and officer in Direxco (1992-94), Horizontal Ventures, Inc. (1994-98) and Torch Drilling Services and Torch International (1998-2004). Prior to his involvement in USRD technology he owned and operated oil and gas properties in Texas, Oklahoma and Kansas which comprised more than 100 wells and owned non-operated interests in more than 220 wells in the Mid-Continent region of the US.

In addition to his USR and horizontal drilling experience, Mr. LaPrade has been involved in the drilling of numerous conventional wells, operations of a gas gathering system and processing plant and day to day field operations including remedial workovers and well maintenance. He holds a Bachelor of Science Degree in Business Administration from Southern Methodist University in Dallas, Texas.

Forward-Looking Statements

This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. The user can identify these forward-looking statements by forward-looking words such as "may," "will," "expect," "potential," "anticipate," "forecast," "believe," "estimate," "project," "plan," "continue" or similar words. The user should read statements that contain these words carefully because they discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. Forward-looking statements include, but are not limited to, the acquisition of the equipment necessary for the provision of directional drilling services to oil and gas companies, the acquisition and employment of well intervention technologies, including USR and SR applications or that such technologies will increase or restore production and reduce water production in any particular application, and in general any statements regarding potential acquisitions, development programs, and future plans and objectives of USR Technology. Actual results relating to, among other things, pending acquisitions, results of the drilling technologies, capital costs and production costs could differ materially from those currently anticipated in such statements.

Factors affecting forward-looking statements include: the speculative nature of oil and gas exploration and development activities; changes in reserve estimates; the acquisition and application of the drilling technology to be acquired by USR Technology; changes in the operating costs; changes in economic conditions and conditions in the resource, foreign exchange and other financial markets; changes of the interest rates on borrowings; hedging activities; changes in the prices for hydro carbons that USR Technology may assist companies with producing; changes in the investments and exploration expenditure levels; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which USR Technology operates; technological, mechanical and operational difficulties encountered in connection with USR Technology's drilling activities; and labour relation matters and costs. The user should refer to the risk disclosures set out in the periodic reports and other disclosure documents filed by USR Technology from time to time with the Securities and Exchange Commission and other regulatory authorities.

Contact Information

  • USR Technology Inc.
    John L. Ogden
    (281) 378-8029
    For Investor Relations Contact:
    Capital Group Communications
    Mark Bernhard
    (415) 332-7200