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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.
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Universal Property Development Enters Joint Venture for Natural Gas and Oil Field on 4,000 Acres In Utah Tuesday October 11, 9:04 am ET
SALT LAKE CITY, Oct. 11 /PRNewswire-FirstCall/ -- Universal Property Development and Acquisition Corporation (OTC Bulletin Board: UPDA - News), has executed a Memorandum of Understanding with Dark Horse Exploration, Inc. (DHE), a Wyoming corporation, Masaood Group, Ltd. (www.masaood.com) and Rene Kronvold (Masaood) for the development and production of a natural gas and oil field consisting of 4,000 acres in Northern Utah. ADVERTISEMENT
UPDA will own Sixty percent (60%) of the joint venture, DHE will own Thirty percent (30%) and Masaood will own Ten percent (10%).
Pursuant to the MOU, DHE will operate the field which presently has five (5) wells and which will be expanded to eighty (80) wells. Masaood has agreed to invest One Million Dollars ($1,000,000.00) and has provided initial funding of One Hundred Fifty Thousand Dollars ($150,000.00) for the revitalization of the existing wells. UPDA has agreed to re-invest its portion of the initial profits, up to One Million Dollars ($1,000,000.00), for the drilling of additional wells.
DHE will conduct all drilling on the property utilizing its own equipment. This will reduce the cost of drilling from an estimated One Million Dollars ($1,000,000.00) per well to Four Hundred Fifty Thousand Dollars ($450,000.00) per well.
"We expect to drill one well per week, as soon as we get the permits," said Byron "Woody" Woodward, President of DHE, "and based on the results from the first well we worked on, the acidization and work over of the existing wells should increase their production exponentially. This field will produce large amounts of oil and natural gas."
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.
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Universal Property Development and Acquisition Corporation (OTCBB: 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.
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I think it will once we get some profit takers out of the way early... I look for a run to really begin after lunch and into the close... JMHO
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UPDA: Partners with the United Arab Emirates:
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The Al Masaood Group represents the collective interests of the Masaood family.
The group was established, some fifty years ago, by Mohammed Bin Masaood. Over the years, the business has grown from being a small trading house to one of the largest trading and commercial organizations in the United Arab Emirates and the Arab world.Experience and professionalism is reflected in the management and success of business activities.
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Technically it would still be a gapper but for the most part when people are talking about a gapper they are referring to one that opens positive. Matt
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My opinion only, but I think UPDA can go quite a bit higher. Do your own DD. Talk of natural gas price hikes and winter months coming on shortly.
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How low do you think it will go after people take profits at dollar mark? If hittihg $1 has awakened new 1+ buyers i think iwould be afraid to day trade it right now?? (don't have much exp with my stocks making it to 1)
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I am guessing profits have already been taken and it climbed to $1 afterward. Have no idea where it might go from here, as stated, with rising gas prices and winter coming on, maybe up. I would, however, watch it VERY carefully at this point and see what happens at the $1 mark.
PS: Two main reservations. One is that it is a Nevada corporation. Second is the fundamentals, but this particular market does not care much about fundamentals.
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West Oil & Gas, Inc. Established for UPDA Joint Venture in Utah -- Gas Production Initiated Thursday October 13, 7:55 am ET
SALT LAKE CITY--(BUSINESS WIRE)--Oct. 13, 2005--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) has established West Oil & Gas, Inc.(West), a Nevada corporation, as its new subsidiary in connection with its joint venture with Dark Horse Exploration (DHE), Masaood Group and Rene Kronvold for the development of the Dirty Devil Gas Field in Uintah County, Utah. ADVERTISEMENT
Revitalization of the initial well, the DD Federal 1-18, has been completed and it has been reported that production has been increased to 3 million cubic feet of gas per day.
"This represents Thirty Thousand Dollars ($30,000) per day of revenue at the conservative rate of $10.00 per mcf," said Byron "Woody" Woodward, President of West. "We anticipate that the other existing wells will also produce that much."
"The revitalization of four more of the existing wells will be completed within two weeks," continued Woodward, "and they will be brought on line as soon as they are ready. The sixth well, the DD State 31-15A, will require installation of new flow lines and some additional equipment. This will be the last well completed. All six will be producing by the middle of November."
"In addition to these vast amounts of natural gas, the DD State 11-29 may produce 250 barrels or more of oil per day according to Woody," said Chris McCauley, UPDA Vice President. "Given the accuracy of his estimates on the 1-18 and his experience with this property, we are very anxious to get this revitalization program completed."
As previously reported, West will drill 80 additional wells in the Dirty Devil Field over the course of the next 2 years. Because DHE has all the equipment necessary to drill these wells, they can be completed on time and under budget.
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Just look at this from the PR... Just Huge! $1.50 will be cheap very soon...
"This represents Thirty Thousand Dollars ($30,000) per day of revenue at the conservative rate of $10.00 per mcf," said Byron "Woody" Woodward, President of West. "We anticipate that the other existing wells will also produce that much."
"The revitalization of four more of the existing wells will be completed within two weeks," continued Woodward, "and they will be brought on line as soon as they are ready. The sixth well, the DD State 31-15A, will require installation of new flow lines and some additional equipment. This will be the last well completed. All six will be producing by the middle of November."
"In addition to these vast amounts of natural gas, the DD State 11-29 may produce 250 barrels or more of oil per day according to Woody,"
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We are a great candidate for the Amex and NASDAQ... Once we start posting earnings it could happen very easy... Also, with our reserves/valuation it should be easy... I think all shareholders should bring the idea to the attention of management through email and contact...
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Canyon Creek Moves in Work-over Rig at its Archer County Regular Field Leases Tuesday October 18, 8:23 am ET
HOUSTON--(BUSINESS WIRE)--Oct. 18, 2005--Canyon Creek Oil & Gas Inc. (A joint venture of Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) and USProduction & Exploration, LLC (USPX), a privately held Company) has delivered a work-over rig to its leases located in Archer County Regular Field. A work-over rig owned and operated by SCI Well Servicing moved to the East Vogtsberger Unit well No.1 to begin production enhancement procedures. The No.1 well was completed in the Vogtsberger sand at 4,735 feet. ADVERTISEMENT
Canyon Creek will pull the existing rods, down-hole pump and 2 inch tubing from the well. It will then order a new down-hole pump and test the tubing to 5,000 psi for integrity. The work-over rig will trip the new down-hole pump, rods and the tubing into the well. In order to further enhance the flow of oil, the well will be flushed with mild chemicals designed to clean corrosion and scale build-up formed over the open perforations.
"The work-over process on this well will take about two days to complete and then the rig will move to another well on the Vogtsberger Unit," says Canyon Creek's project geologist Steven Fall. "Canyon Creek will keep the rig in Archer County Regular Field until it has completed the 14 production wells located on the 960 acres. Altogether the Company expects to take a total of 24-28 days to complete the work-over process."
Canyon Creek has scheduled a logging company to rig-up on previously selected Unit wells to run gammaray-neutron correlation logs. These correlation logs will help the company geologist identify additional oil stringers in the Caddo and Vogtsberger sands. Once additional oil sands are identified, Canyon Creek will add perforations to increase flow rates.
Canyon Creek is also nearing completion of the modernization of its water disposal facilities on the property. The existing system was moved approximately 5,000 feet in order to be adjacent to the saltwater disposal well located on the leasehold. The salt-water disposal system has been modernized to accommodate the additional water anticipated after the work-overs are completed. New poly pipe flow-lines have been installed and the saltwater disposal pump overhauled. The Company purchased a new 300-barrel fiberglass storage tank as part of the upgrading process. The Texas Rail Commission has inspected and approved the completed stages of this modernization project.
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UPDA "Canyon Creek will keep the rig in Archer County Regular Field until it has completed the 14 production wells located on the 960 acres. Altogether the Company expects to take a total of 24-28 days to complete the work-over process."
14 more wells online by middle of next month is what I like..
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