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UPDA is bidding up on news. As you may know, I've been watching this stock pretty closely for some time.
HOUSTON, Jan 19, 2006 (BUSINESS WIRE) -- Canyon Creek Oil and Gas, Inc., a joint venture of Universal Property Development and Acquisition Corporation (UPDA) and USProduction and Exploration, LLC. (USPX), has increased its oil production to 2000 bopm in Archer County Regular Field as three new wells in the field are turned to sales. Canyon Creek now has four wells producing in the field and anticipates another four wells producing by the end of this week. Canyon Creek will continue to monitor the three new wells, the #1 Jones-Ford, #6 East Vogtsberger and #14 West Vogtsberger, for additional increases in oil production. The Archer County Field represents 1 of the 7 oil and natural gas fields owned by Canyon Creek.
Since they were initially brought on-line in late December 2005, the Archer County leases have gradually increased their production to 2000 bopm from 450 bopm.
"We are excited about the continued success in Archer County because the leases are exceeding our projections exponentially with each new well," said Donald Orr, President of Canyon Creek. "The oil production from these four wells exceeds the 10-year production average of all the wells combined. The Archer County leases previously produced at an average rate of 25.3 bopd from 9 wells over the past 10 years and they are exceeding that by a factor 2.5 with only four wells in production. As more new wells are turned to sales, we are confident that the daily oil rate will continue its dramatic increase."
Canyon Creek has also unexpectedly found considerable gas pressure on the casing annulus.
"We are negotiating with a pipeline company to purchase the casinghead gas that is currently shut-in," reported Mr. Orr. "We were caught by surprise by the amount of casinghead gas available at each well since the 10-year production average indicates no prior casinghead gas sales."
"In addition to all this good news about the increase in oil production from the presently perforated pay zones, the Company has learned that a Canyon sand at 2,000 feet also appears oil productive on the West Vogtsberger lease," continued Canyon Creek's Orr. "As discussed at our Board meeting, we are now finalizing our geology and will report to UPDA about a plan to drill for this new oil."
About UPDA
Universal Property Development and Acquisition Corporation (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.
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. The Company has also acquired properties located in Inez Field in Victoria County and Giddings Gas Field in Fayette County, Texas. Canyon Creek continues a revitalization program on all of its properties in order to improve production and bring more wells on line.
About USPX
USProduction & Exploration, LLC, 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 depleted reservoirs and unconventional gas is innovative: it combines horizontal, 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.
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God forbid these ragheads start their crap again any domestic oil company will rocket in price.
Posts: 25 | From: Canada | Registered: Jun 2004
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Hiram I hope your lack of posting didn't mean you got out of this one already....
very nice today up 44%
news came out after hours yesterday, and news this morning.
i am thinking it may gap tomorrow morning as well.
-------------------- All of my posts are only my opinions unless otherwise stated. With that said let's make some money Posts: 299 | Registered: Oct 2005
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I set my chart so show 5 and 10 day moving averages and to fill the chart... you'll see that this stock follows the 5 day moving average VERY closey. RSI is almost at 70 which is suggesting that it may be over bought, but I will continue to follow the 5MA to give me the single of when this run is done.
Posts: 299 | Registered: Oct 2005
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God I feel like such a idiot selling this when it seemed like it could never get over .30 two days ago.
Posts: 47 | Registered: Sep 2005
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I must say i like this stock, based on all the news and the way the chart is setting up almost exactly the same as it did the first time it ran up over 1.00 about 6 months ago!!
Posts: 1011 | From: ct | Registered: Mar 2005
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Looking very good I recommend getting in on any dips, could be a great play ending the week.
Posts: 1011 | From: ct | Registered: Mar 2005
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This is set up nice, taking a dip here right now and then should set it up for an EOD run, and good reliable gapper tommorow a close over .60 would be crazy
Wally its possible for this thing to o over 1.00 again check out the chart on it!!
Posts: 1011 | From: ct | Registered: Mar 2005
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I said this stock would hit at least .60 when it was around .26 a couple days ago. Some guy replied that I was crazy and that I was dreaming. Now whoes crazy?...
-Wallymac, the first red day i would be out, becuase this one will probably drop just as fast as it went up. Im thinkin between .65-.80 would be the tip of the chart spike. Get your 15-20 percent and call it good, to play it safe. Anything more than that your risking it.
Posts: 63 | Registered: Aug 2005
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Thanks ChuckMan. It's better to take a profit than wait and lose it all. I'll be happy if I can get out at .70-.75
Posts: 3255 | From: Los Angeles California | Registered: Jan 2006
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quote:Originally posted by ChuckMan: I said this stock would hit at least .60 when it was around .26 a couple days ago. Some guy replied that I was crazy and that I was dreaming. Now whoes crazy?...
Yeah, I was the naysayer. Yes, I took my profits earlier.
Funny how it hit almost exactly .60 today and turned immediately down. what an amazing coincidence.
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lol... my money is all tied up, so i have nothing to do with it almost hitting .60. I never owned this stock, but would have if my money wasnt tied up. My predictions was based on it being ran up 60-80 percent of the previous spike, because thats typically how these stocks go...or at least the safest route for getting maximum return exit points (IMO). The other thing was that it sat around at .18 for a while to support its take off to do so. A little luck always plays a factor in any prediction on any stock though...
-Im just a 20 year old engineering college student, so dont give me too much credibility... Im just here to learn and experiance the penny stock market, and test out my philosophies of making maximum gains on it. Most people are more knowlegable or experianced than i am.
Posts: 63 | Registered: Aug 2005
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quote:Originally posted by ChuckMan: lol... my money is all tied up, so i have nothing to do with it almost hitting .60. I never owned this stock, but would have if my money wasnt tied up. My predictions was based on it being ran up 60-80 percent of the previous spike, because thats typically how these stocks go...or at least the safest route for getting maximum return exit points (IMO). The other thing was that it sat around at .18 for a while to support its take off to do so. A little luck always plays a factor in any prediction on any stock though...
-Im just a 20 year old engineering college student, so dont give me too much credibility... Im just here to learn and experiance the penny stock market, and test out my philosophies of making maximum gains on it. Most people are more knowlegable or experianced than i am.
get out of engineering dude. your job will be in Bangalore, not in the States.
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Interesting Close, ARCA pushed the stock down EOD but he was down there to re-load up his shares? humm, i reloaded also in the in the low .50's i think if this gets any news at all it will countinue up and along on its way, i also liked to see that it had so many sells today witch dropped the RSI and yet the PPS really did not decrease all that much. Id definitly keep an eye on this tommorow and for early next week.
Posts: 1011 | From: ct | Registered: Mar 2005
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get out of engineering dude. your job will be in Bangalore, not in the States. [/QB][/QUOTE]
LOL, with the autmotive industry the way it is now we will all be riding bikes in the next few years...
Posts: 63 | Registered: Aug 2005
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FYI if this goes red Get Out, that could be the end of the run or a good entry. But i wouldent take the risk right now! Best of luck everyone.
Posts: 1011 | From: ct | Registered: Mar 2005
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I aggree with you firefighterswct. I dont think the risk is worth it, there are many other stocks that could give same potential for returns with less risk. I wouldnt own this stock until i seen some significant sign of an upward trend. But even then I wouldnt expect any more than 2-3 green closings before it went back down for a week or 2. Well thats my 2 cents.
Posts: 63 | Registered: Aug 2005
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quote:Originally posted by firefighterswct: FYI if this goes red Get Out, that could be the end of the run or a good entry. But i wouldent take the risk right now! Best of luck everyone.
You would be correct ---- I heard rumors that the same people behind the UPDA run are going to be buying HVYW today ----- get in if you can
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