posted
Universal Property Development Subsidiary to Initiate Oil and Gas Production at Its Palo Pinto County Regular Field Tuesday October 4, 9:53 am ET
HOUSTON, Oct. 4 /PRNewswire-FirstCall/ -- Canyon Creek Oil & Gas Inc. (A Joint Venture of Universal Property Development and Acquisition Corporation (OTC Bulletin Board: UPDA - News) and USProduction & Exploration, LLC, a privately held Company) has expanded its well revitalization program on a fast pace and will soon initiate oil and natural gas production at its Palo Pinto County Regular Field consisting of 614 acres with 28 wells completed in the Strawn formation in Northern Texas. ADVERTISEMENT
Canyon Creek has scheduled a field meeting this week with the Railroad Commission of Texas to perform the required testing on four of its permitted injector wells. Canyon Creek will then implement water flood procedures to recover a significant amount of oil remaining in place. Once the testing is completed, the Company can begin oil and natural gas production from the wells.
"Our plans include injecting about a thousand barrels of water per day to maximize the effects of water flooding", says Canyon Creek President, Donald Orr. "We are excited about this field because of the number of producing wells and the relatively low lifting cost to produce the oil at 1,200 feet. Once the water flooding procedures take effect, we could exceed 1500 barrels of oil per month and 3,000 mcfgpm of casinghead gas."
"Once these wells are brought on-line, it is projected that Canyon Creek will be selling nearly 5000 mcf of natural gas per month from only half of its current portfolio," added Chris McCauley, Universal Vice President. "This is in addition to the oil that will be sold to Sunoco at a dollar over their posted price. This revitalization program is well ahead of schedule and producing revenues far exceeding our original estimates."
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 with several more under consideration.
About Universal Property Development
Universal Property Development and Acquisition Corporation (OTC Bulletin Board: 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.
About USPX
USProduction & Exploration, LLC. (http://www.uspx.com), an independent production and exploration company located in Sugar Land, Texas, is engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities. USPX seeks high quality exploration drilling projects in conventional and unconventional reservoirs. The Company's approach to developing apparently depleted oil and unconventional natural gas reservoirs is innovative: it combines horizontal and multilateral with under balanced drilling methods.
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Universal Property Development Subsidiary to Initiate Oil and Gas Production at Its Palo Pinto County Regular Field PR Newswire - October 04, 2005 09:54
HOUSTON, Oct 04, 2005 /PRNewswire-FirstCall via COMTEX/ -- Canyon Creek Oil & Gas Inc. (A Joint Venture of Universal Property Development and Acquisition Corporation (OTC Bulletin Board: UPDA) and USProduction & Exploration, LLC, a privately held Company) has expanded its well revitalization program on a fast pace and will soon initiate oil and natural gas production at its Palo Pinto County Regular Field consisting of 614 acres with 28 wells completed in the Strawn formation in Northern Texas.
Canyon Creek has scheduled a field meeting this week with the Railroad Commission of Texas to perform the required testing on four of its permitted injector wells. Canyon Creek will then implement water flood procedures to recover a significant amount of oil remaining in place. Once the testing is completed, the Company can begin oil and natural gas production from the wells.
"Our plans include injecting about a thousand barrels of water per day to maximize the effects of water flooding", says Canyon Creek President, Donald Orr. "We are excited about this field because of the number of producing wells and the relatively low lifting cost to produce the oil at 1,200 feet. Once the water flooding procedures take effect, we could exceed 1500 barrels of oil per month and 3,000 mcfgpm of casinghead gas."
"Once these wells are brought on-line, it is projected that Canyon Creek will be selling nearly 5000 mcf of natural gas per month from only half of its current portfolio," added Chris McCauley, Universal Vice President. "This is in addition to the oil that will be sold to Sunoco at a dollar over their posted price. This revitalization program is well ahead of schedule and producing revenues far exceeding our original estimates."
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 with several more under consideration.
About Universal Property Development
Universal Property Development and Acquisition Corporation (OTC Bulletin Board: 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.
About USPX
USProduction & Exploration, LLC. (http://www.uspx.com), an independent production and exploration company located in Sugar Land, Texas, is engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities. USPX seeks high quality exploration drilling projects in conventional and unconventional reservoirs. The Company's approach to developing apparently depleted oil and unconventional natural gas reservoirs is innovative: it combines horizontal and multilateral with under balanced drilling methods.
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.
This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com.
SOURCE Universal Property Development and Acquisition Corporation
Universal Property Development and Acquisition Corporation, +1-561-868-2071
posted
Agreed. Some profit taking today from yesterdays gains, and MM's trying to hold back. Also Picked up new buyers as well, no reason why we shouldnt sustain the gains and add more on top. Unless Gas takes a nasty spill.
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posted
Thats too tough for me on a sub .50 gas stock thats adding more wells by the month. Healthy balance sheet. Oil/Gas Energy prices expected to keep rising for the next 6 months, and only 12mln Os and 1/6th of that in float. I think you should hire a broker.
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posted
what do you think about qoil? got in at .53 they wont tap into new gas till the end of oct. looked into upda because of qoil has done well and i think upda will see gas and profits much faster. i got in at .32 i would like to see both of these go strong through the winter. will they if gas projections stay true?
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posted
was in yesterday at .33 and got out this AM at .395 I figure this is the base with good support at .35-34 and I built myself a cushion with the quick profit. I'd like to see a good run at the HOD for the close and PR on the 7 new wells in the AM!
-------------------- Nothing moves a sub like news!!!
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posted
I have been watching and decided to jump in. I suppose I influenced him to get into SCU today also. Just mentioned it yesterday. We pretty much make our own decisions about individual stocks, but when I ignore him I usually regret it. Time will tell on this one I guess. LOL
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