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PR for AFTERHOURS and WEDNESDAY 10/4
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[QUOTE]Originally posted by The Phat Man: [QB] UPDA (.098) Press Release Source: Universal Property Development and Acquisition Corporation UPDA's Catlin Workover Project Continues Ahead of Schedule - Phase One to be Completed Within Days - Well Tests Establish Promising Production Projections Wednesday October 4, 6:28 am ET JACKSBORO, Texas--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) subsidiary Ambient Wells Services, Inc. has been advised by Landmark 4, LLC that the workover of the Catlin Oil and Gas Field in Jack County, Texas, continues ahead of schedule and that Phase One of the project should be completed within the next several days, resulting in the return to production of the north end of the field consisting of several leases, including the Boaz, Leach, Mathis, Matlock, WA Beggs and WB Beggs. ADVERTISEMENT With the completion of Phase One, approximately one-third of the field will be returned to production. "The work on these properties has been extensive, including the replacement of all of the rods and tubing as well as the down hole and surface equipment such as the pumps and pumping units," reports Chris McCauley, Vice President of UPDA. "Each of the wells, in essence, will be like new and require only routine maintenance in the future. In addition, the flow lines and natural gas pipeline and gathering system are not only being completely replaced, they are also being relocated and reorganized to increase efficiency, reduce maintenance costs and allow for appropriate monitoring and inspection. The experience and attention to detail that Landmark has brought to this project should provide remarkable production increases and significantly reduced operating costs well into the future." The wells on the leases now being completed will first produce crude oil and then the natural gas production will be turned on after the installation of the new high pressure gas compressor that is scheduled to be delivered to the site by the end of this week. According to Landmark's Steve Swain, "The tests on the Matlock showed significant pressure. We expect that property to be a very good oil producer. In fact, all of the wells we have tested so far have been quite promising. When we attach them to the new pipelines and compressors and turn them to full production, the tests indicate there should be substantial production." On Tuesday, another 50,000 feet of natural gas pipeline was delivered to the site, and installation and well workovers will begin on the south end of the field immediately. "There is no question we are still ahead of schedule," confirmed Landmark's Swain. "We now have close to 20 men in the field working seven days a week. With the cooperation we are getting from the property owners and local contractors, there is no reason to think we won't stay ahead of schedule and finish this project under budget." The progress of this project will be reported by UPDA as it continues to update its website at: [URL=http://www.universalpropertydevelopment.com.]www.universalpropertydevelopment.com.[/URL] About UPDA Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) 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. Contact: Universal Property Development and Acquisition Corporation Jack Baker, 561-630-2977 (Investor Relations) info*updac.com Source: Universal Property Development and Acquisition Corporation [/QB][/QUOTE]
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