Representatives of UPDA Petroleum Trading, Inc.(a subsidiary of Universal Property Development and Acquisition Corporation) (OTCBB:UPDA) met on Friday in Brownsville, Texas with representatives of Procesadora Industrial Petrocemica, S.A.D.C.V. in order to finalize the terms of their agreement for the acquisition and daily delivery of crude oil condensate produced by Petroleos Mexicanos (PEMEX) (www.pemex.com).
Procesadora Industrial Petrocemica, S.A.D.C.V. presently has the exclusive authority to sell condensate produced by PEMEX.
As a result of this meeting, UPDA Trading has arranged for the lease of a storage facility at the Port of Brownsville at which UPDA trading will receive daily delivery of the condensate. UPDA Trading has also acquired testing equipment to be utilized to determine the quality, specific gravity, sulfur content and viscosity of the product upon delivery.
It is expected that the final agreements will be executed at the parties' next meeting scheduled for Wednesday, April 5 and that the initial delivery will be received by UPDA Trading before the end of this week.
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 rights and leases and cutting-edge technologies.
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