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Universal Property Development Subsidiary Reports Natural Gas Production Exceeds Projections - Revenue Expected to Be 100% Greater Than Forecast
Oct 3, 2005 1:42:00 PM
JUNO BEACH, Fla., Oct. 3 /PRNewswire-FirstCall/ -- Universal Property Development and Acquisition Corporation (OTC Bulletin Board: UPDA) has been informed by the management of its subsidiary, Canyon Creek Oil and Gas, Inc., a joint venture with USProduction & Exploration, LLC (USPX), a privately held Company, that production of natural gas from its Hagler leases in Coleman County, Texas has greatly exceeded its original projections. Revenue from that production may be more than 100% greater than originally announced.
As previously reported, Universal has provided funding for the revitalization of these wells and Canyon Creek had recently announced that natural gas production would commence before the end of September. It was originally projected that the Company would immediately deliver about 900 mcfgpm from 5 wells. Production figures reported at the end of last week, however, indicate that production will exceed 1800 mcfgpm.
Within the next several days, at least 7 more wells will be brought on-line as a result of funding provided by Universal. The revitalization of the remaining wells continues as scheduled and several more wells will begin production in the near future.
Canyon Creek Oil & Gas Inc. was formed in July 2005 as a joint venture corporation for the purpose of acquiring currently producing oil and gas properties, low risk drilling prospects and existing wells in need of state-of-the-art technology to improve profitability. Canyon Creek Oil and Gas Inc. now has over 60 wells located on more than 2,000 acres in the Fort Worth basin.
About Universal Property Development
Universal Property Development and Acquisition Corporation (OTC Bulletin Board: UPDA) focuses on the acquisition and development of proven oil and gas reserves and other energy opportunities through the creation of joints ventures with under-funded land and technology owners.
About USPX
USProduction & Exploration, LLC, an independent production and exploration company located in Sugar Land, Texas, is engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities. USPX seeks high quality exploration drilling projects in conventional and unconventional reservoirs. The Company's approach to developing depleted reservoirs and unconventional gas is innovative: it combines horizontal, multilateral, with under balanced drilling methods.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
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SOURCE Universal Property Development and Acquisition Corporation
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Universal Property Development and Acquisition Corporation
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