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Although the company has diluted shares for past few months, their business model is on the right track. They are already generating revenues and focusing on aquiring producing wells and properties.
What made me interested in it is the following:
1) The stock has made a volume spike few days ago and formed a bottom. 2) the fact that they are generating revenue. 3) The recent news releases are active towards this topic which reminds me of VRDM when it was trading at $0.02 and shot up to $0.32 in less than three months.
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UPDA Trading To Begin Importation of Condensate from PEMEX Tuesday May 30, 9:25 am ET
MCALLEN, Texas--(BUSINESS WIRE)--May 30, 2006--UPDA Trading, a subsidiary of Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News), has finalized the details necessary to commence the importation of petroleum condensate produced in Mexico by Petroleos Mexicanos (PEMEX) (www.pemex.com).
In order to test the details of the transaction, the first shipment will be limited to 1000 barrels of oil. It will be delivered this week to the UPDA Trading facilities in Brownsville, Texas. UPDA Trading has successfully negotiated with a local refiner to purchase the condensate upon delivery.
"We are very excited about the start of deliveries," said Agustin Soto, a principle of Vala Resources, Inc., UPDA's joint venture partner in this endeavor. "We are looking forward to receiving weekly deliveries of increasing volume from this point forward."
Over the past weeks, UPDA Trading has worked diligently to comply with all the requirements of the various governmental authorities involved and to prepare for the first run shipment.
"According to the corporate offer UPDA Trading received, we will receive weekly shipments of up to 17,000 barrels for a period of one year," added Soto. "We expect to reach this volume as soon as all of the procedures have been tested."
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Another peiceof informtion here. Words out there that the company is going to buy back a block of shares soon. I am not sure about this. Some claim to have calld the compay and got this info. So maybesome of us miht try to call ad try to get it but I recommend that you don not ask about it directly.
Do your DD before you go a head.
-------------------- I have discovered that the stocks I buy are watching me.
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