Glen Rose Petroleum Corporation which was also known as formally United Heritage Corporation, announced that it has just received a going concern opinion from its auditor relating to its financial statements filed on July 14, 2008 with its Form 10-K or the period ended March 31, 2008. That opinion from Hein & Associates LLP states:The Company has limited capital resources and no significant revenue producing assets which combine to raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also discussed in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Glen Rose Petroleum Corporation, formerly United Heritage Corporation, founded in 1981 and based in Dallas, 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 16-20 API gravity. Management believes its acreage has substantial reserves, and is applying new technology to economically extract the reserves.

Contact:

Glen Rose Petroleum Corporation
Chip Langston, President & CFO
214-800-2663
or
Porter, LeVay & Rose, Inc.
Linda Decker, VP – Investor Relations
Jeffrey Myhre, VP – Editorial
212-564-4700
FAX 212-244-3075
plrmail@plrinvest.com

Source: Glen Rose Petroleum Corporation

This entry was posted by Miner on Tuesday, July 22nd, 2008 at 7:43 am and is filed under General Mining, Oil and Gas. Tags: API, Dallas, Edwards County, Glen Rose Petroleum Corporation, Hein & Associates LLP, Oil, oil and gas assets, Texas, United Heritage Corporation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.