SALT LAKE CITY--(BUSINESS WIRE)--Oct. 12, 2005-- As previously announced by Universal Property Development and Acquisition Corporation (OTCBB:UPDA), a Memorandum of Understanding has been executed by UPDA, Dark Horse Exploration (DHE), Masaood Group (www.masaood.com) and Rene Kronvold for the development of an oil and natural gas field in Northern Utah. Additional details of that transaction are now available. The property is located in the Dirty Devil Gas Field in Uintah County, Utah. According to the Department of Energy, the field contains proven reserves in both the Wasatch and Mesaverde formations. Robert E. Covington, Certified Petroleum Geologist, has calculated that the existing wells contain 8.5 billion cubic feet of proven recoverable natural gas. With the planned drilling of additional wells, the field contains 49.2 billion cubic feet of provable proven recoverable natural gas reserves. At $10.00/mcf, these reserves are valued at $492 million. "This is an incredible acquisition," commented Chris McCauley, UPDA Vice President. "With the equipment from Dark Horse already in place and the funding that we can provide along with Masaood Group, we will soon be producing large amounts of natural gas and for a very long time. These numbers we believe are conservative and they don't even take into account the oil that the existing wells and other data indicate is available on this property." The initial funding for the project has been delivered and work on the existing wells have commenced. The permitting process for the additional wells should begin next week. It is anticipated that the existing wells will be brought fully on-line within 2 weeks.
Universal Property Development and Acquisition Corporation (OTCBB:UPDA) focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the creation of joint ventures with under-funded owners of mineral leases and cutting-edge technologies.
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.
KEYWORD: NORTH AMERICA UTAH UNITED STATES INDUSTRY KEYWORD: ENERGY OIL/GAS MERGER/ACQUISITION SOURCE: Universal Property Development and Acquisition Corporation
CONTACT INFORMATION: Peter Nasca Associates, Inc. (for Universal Property Development and Acquisition Corporation) Peter Nasca, 305-937-1711 info*updac.com
Posts: 1423 | Registered: Jul 2005
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UPDA Subsidiary Canyon Creek Prepares to Move in Work-Over Rig at Archer County Regular Field Thursday October 13, 12:34 pm ET
HOUSTON--(BUSINESS WIRE)--Oct. 13, 2005--Canyon Creek Oil & Gas Inc. (A Joint Venture of Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) and USProduction & Exploration, LLC. (USPX), a privately held Company), is preparing to move in a work-over rig as Canyon Creek's revitalization program continues forward. A work-over rig, owned and operated by SCI Well Servicing, is to be moved this week to the Archer County leases to begin production enhancement procedures. Canyon Creek will pressure test tubing in the wells for integrity and replace down-hole pumps designed to increase fluid movement. Once work-over, production enhancement procedures are completed at each well then oil production can begin immediately. ADVERTISEMENT
As previously reported, Canyon Creek's Archer County Regular Field revitalization project is located south of Wichita Falls, in Archer County, Texas. The Archer County Regular Field project consists of 960 acres with 17 wells overlying multiple producing horizons (the Vogtsberger sands, the Caddo and the Ellenberger formations). Canyon Creek plans to dedicate three wells for water injection. The remaining 14 wells are scheduled for work-over in order to maximize oil production.
Canyon Creek will move the work-over rig from well to well until the plans for each well have been completed. It should take about one month to complete all work-over procedures. Canyon Creek is projecting a 150% increase in oil production over the historical average.
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. The Company has also acquired properties located in Inez Field in Victoria County and Giddings Gas Field in Fayette County, Texas. Canyon Creek continues a revitalization program on all of its properties in order to improve production and bring more wells on line.
Posts: 604 | Registered: Aug 2005
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