HOUSTON, Dec 27, 2005 (BUSINESS WIRE) -- Canyon Creek Oil & Gas Inc. (A joint venture of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) and USProduction & Exploration, LLC. (USPX), a privately held Company) continues to increase its daily oil production. As previously reported, Canyon Creek tested its #1 Block Estate at a rate of 450 bopm. Since its initial oil production last week the well has gradually increased to 600 bopm. Canyon Creek continues to monitor the well for further increases.
"We are very pleased with the performance with this well," said Donald Orr, president of Canyon Creek. "The daily oil rate far exceeds the 10-year production average for this single well by a factor of six. Based upon other factors that we are monitoring at the well head we are expecting this well to continue to increase its daily production."
With 8 additional wells ready to come on line, Canyon Creek expects to add significantly to its current daily oil production.
With Archer County Regular Field and Hagler Capps Lime Field now producing, the Company is making nearly 1000 bopm to the stock tanks. "This is going to dramatically increase as additional wells are brought on line in these fields in the new few days," continued Orr.
Canyon Creek also is reporting that rig #28 owned by C. C. Forbes, LP has moved to its #1 Roberts Unit well located in Inez Field, Victoria County, Texas. The Company plans to re-enter the well and complete in the prolific Yegua Sand at 8,500 feet. Current operations are slowed due to the amount of gas entering the well at this time. This well when initially completed flowed at the rate of 80,000 mcfg/m and 2000 bopm according to Railroad Commission of Texas productions records.
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