SOURCE: USA Superior Energy Holdings

April 22, 2008 13:51 ET

USA Superior Energy Holdings, Inc. Late Filing of Form 10-K for 2007 Annual Report

HOUSTON, TX--(Marketwire - April 22, 2008) - USA Superior Energy Holdings, Inc. (OTCBB: USSUE), a Houston-based energy company ("Company") focused on shallow well enhanced oil recovery (EOR) and drilling of existing proven fields that have been idle or marginally producing, reported that its Annual Report on Form 10-K for the year ended December 31, 2007, will be filed later than the original projected date of April 18, 2008. The completion of the Company's first year-end audit follows a reverse merger completed in 2007, as well as the first annual audit of the original public shell company that merged with USA Superior's operating company. The nature of this first annual audit has required the Company to put into place the necessary controls. This recording process is to assure that the post-merger 2007 audit, and all future audits, are accurate, complete, and timely. While the process of the audit has extended beyond the filing date, the Company knows of no reason that it should not be completed in normal fashion with final sign-off by the Company's auditors shortly. The Company will issue a news release as soon as the audit is filed.

ABOUT USA SUPERIOR ENERGY HOLDINGS, INC.

USA Superior Energy Holdings, Inc. (OTCBB: USSUE) is an oil and gas enhanced recovery (EOR), exploration and production company focused on shallow well oil and gas fields in Texas. USA Superior is composed of a team of seasoned experts in their field, with over 50 man-years of oil and gas and shallow well field experience of reworking, stimulation, finding, drilling, horizontally drilling and well completion operations and production. USA Superior currently owns all of its projects but will joint venture or have working interest relationships when appropriate. To maximize production, USA Superior Energy's also provides complementary technologies including specialized work over technologies, shallow well cased hole horizontal drilling applications and the utilization of portable Nitrogen (N2) applications. USA Superior uses these technologies as is appropriate to enhance older oil field business opportunities. Cased Hole Horizontal Drilling (CHHD) is an emerging drilling application that can significantly increase the "communication" from the wellbore to the fluids in the reservoir. Nitrogen (N2) is used to force oil out of reservoirs. It can be applied to existing reservoirs and wellbores, thus minimizing the cost and risk of finding oil and gas. With the current price environment, large blocks of existing older well fields can be rejuvenated into very profitable wells at low cost and high margins with new technology.

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. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our recent current reports on Form 8-K, our annual report on Form 10-KSB or Form 10-K, our quarterly reports on Form 10-QSB and other periodic and current reports filed from time-to-time with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Tonya L Chadwick
    USA Superior Energy Holdings, Inc.
    (832) 251-3000
    Email Contact