UPDA Board Summarizes Its Financial and Operational Results of the First Quarter - Company Files SEC Form 10-QSB On the financial side, our revenues tripled over the last quarter and our assets increased by more than 40%. Our liabilities decreased by one third and our shareholders equity almost doubled since the beginning of the year
Our revenues increased by more than 300% from $29,000 in the 4th quarter of 2005 to $106,000 in the 1st quarter of 2006. We have expanded our assets from $3.0 million to $4.3 million and at the same time decreased our liabilities to $392,000 from $650,000. In addition, shareholders' value increased by $1.6 million and our losses narrowed to approximately $475,000 from approximately $5,300,000 compared with the same period a year ago.
On the operational side, UPDA continues to expand and to prove itself a factor in the energy industry. Subsequent to the last quarter, we expanded our Oil and Gas holdings by forming a new subsidiary known as Texas Energy ("TEI"). TEI was initially started with 17 wells but, with the addition of the Catlin Oil and Gas Field, TEI increased its holdings to 82 wells. The creation of TEI doubled UPDA's Oil and Gas properties to over 6,000 acres and over 150 wells. Revenues from TEI started this month and it will be reflected in the 2nd Quarter of 2006.
Posted by xnycen on :
UPDA Subsidiaries Generate Additional Production and Sale of Crude Oil and Natural Gas - Texas Energy Continues Aggressive Progress Universal Property Development and Acquisition Corporation (OTCBB:UPDA) has announced that its two production subsidiaries in Texas, Canyon Creek Oil and Gas and Texas Energy, are generating additional production and sales of crude oil and natural gas.
During the month of May, Canyon Creek has sold oil from 3 of its properties. During the past two weeks the Mahler, Block and Hagler leases each delivered a tank load of oil for sale. Texas Energy has also sold one tank load of crude from its Nantz lease. Payment for these deliveries from Sunoco (NYSE:SUN) is expected within the next 45-60 days.
A tank load represents approximately 160 barrels of crude oil.
Further progress has also been made at UPDA's most recent acquisition. Texas Energy Vice President of Operations, Steven Hall, reports that since his last report, the following has been accomplished at the Catlin Field:
"We have placed three more wells on line; we have nearly completed all 7 H-15 fluid level tests; we have added a full time employee to complete daily inspections of all wells, lines and tank batteries. His job description is commonly referred to as a 'Pumper'; we have been working on equipment repair, cleaning up the wells and tank units as well as organizing the service yard."
Hall also indicates that, "We have called for the sale of three tank loads of petroleum, with two more shortly behind. All of the tanks have been gauged and the portion of the production that was in the tanks at the beginning of the month belongs to the seller. After that total has been paid out, Texas Energy earns all revenues to follow."
"These have been large steps forward," continued Hall. "The men have been working long hours and weekends to accomplish as much as humanly possible. There remains a tremendous amount of work ahead of us, but a great 'can do' attitude is being exhibited by our people in the field. It is a pleasure to see things coming together."
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.
Posted by xnycen on :
Hey X, I was in this one for a few days as I was trying to hit MoMo with it. In that few days I found out that they seriously dilute this stock. If the dilution stops, this one could run pretty hard, but we all know about the ifs of dilution stopping when it is happening. Well anyway, GL if you are in it.