JUNO BEACH, Fla., Oct 03, 2005 /PRNewswire-FirstCall via COMTEX/ -- 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.
Posts: 289 | From: Atlanta | Registered: Jul 2005
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i hear ya JL it was .30 when i started trying..chased it 2 ticks..man she's gettin some serious volume
Posts: 289 | From: Atlanta | Registered: Jul 2005
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picked up 10k what the hay. GAS is hot if AMEP is any indicator. I guess UPDA might do ok since theyre producing.
Posts: 604 | Registered: Aug 2005
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yeah I didn't really DD it..figured it would jump just on the news...doing a lil digging now chart actually looks decent
Posts: 289 | From: Atlanta | Registered: Jul 2005
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I noticed some MM share exchanges. Float was traded today....they tried to hold it down, actually they did hold it down. If pressure comes in tommorow...We might witness a thing of beauty from UPDA. Ive set my sell order already at .45, will raise or lower tommorow. Just to lock up my 20k out of NITE's potential inventory.
Posts: 604 | Registered: Aug 2005
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gapper in the AM on today's late news. 7 more wells online in a week.... BAM! We could see a massive 3 day runner here 200-300%...
Posts: 416 | Registered: Jul 2004
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MMs = Sweating. Cussing. Pulling out Hair. Running around in Circles. You name it. Trying to stop .42 break. Lets see if we can do it on 2nd leg.
Posts: 604 | Registered: Aug 2005
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wow all tha sell pressure and just 2 cent shake? Someones malling back the trucks. Bid back up.
Posts: 604 | Registered: Aug 2005
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