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Bill, I don't think Buytex meant any harm, we're all in this thing together and trusting the ones that offer advice is half the battle -- watch and listen to 10of13, she's sharp as a whip.
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UPDA is at it's 52week low. .10 I am glad I trusted the people here. I'm in at .095 and Happy. Everything I have read the rest of yesterday says this is about to go, and go BIG!
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I still can't seem to understand why this PPS does not rise with all the great news coming out. Is it just delayed, or is there something else...
Item 2.01 Completion of Acquisition or Disposition of Assets. On June 2, 2006 (the "Closing Date"), Texas Energy, Inc. ("Texas Energy"), a Nevada corporation and a seventy-five percent (75%) owned joint venture subsidiary of Universal Property Development and Acquisition Corporation (the "Registrant"), completed the acquisition of certain assets pursuant to the terms and conditions of a Purchase Agreement dated April 12, 2006 (the "PA") by and between Texas Energy as the purchaser and the Caitlin Oil Company ("COC"), Virginia Catlin, Randy Catlin and the Estate of Carl Catlin (collectively the "Catlins") as the sellers. The assets so purchased by Texas Energy are described in more detail below, and in the PA which is attached hereto as an exhibit. The aggregate purchase price of the assets purchased by Texas Energy pursuant to the PA was $1,700,000 in cash.
On the Closing Date, under the terms and conditions of the PA, Texas Energy (the "Purchaser") purchased and COC and the Catlins (collectively the "Sellers") sold all of the rights, title and interest of the Sellers in certain assets collectively defined as the "Jack County Property" in the PA. The Jack County Property consists of: (i) approximately forty-seven (47) acres of real property located in Jack County, Texas, (ii) approximately thirty-six (36) oil and gas Leases on properties located in Jack County, Texas, (iii) certain equipment including, but not limited to, oil and gas wells, wellhead equipment, pumping units, flow lines, tanks, compressors, saltwater disposal facilities, injection facilities and other equipment used in connection with oil and gas exploration, development and production operations, (iv) certain tangible property including, but not limited to, furniture, tools, jigs, molds, rigs, well service units, elevators, trucks, trailers and other vehicles, and (v) certain transferable permits, franchises, approvals, and authorizations used in connection with the Leases. The aggregate Purchase Price paid by the Purchaser to the Sellers on the Closing Date for the Jack County Property was $1,700,000 in cash. In connection with the closing of the asset purchase transaction described above, Texas Energy paid a consulting and negotiating fee of $500,000 to NorTex Holdings, Inc. for its professional services in bringing the parties together and facilitating the consummation of the transaction.
While the Registrant intends for its subsidiaries to operate at a net profit, to date Texas Energy has a limited operating history and, therefore, the Registrant cannot accurately predict what its future results of operation will be, how the closing of the asset purchase transaction described above and memorialized in the PA will impact the operating results of Texas Energy, or how the operations of Texas Energy will impact the operating results of the Registrant.
The foregoing description of the PA and the transactions contemplated thereby is a summary of terms, is not intended to be complete and is qualified in its entirety by the complete text of that agreement, a copy of which is attached as Exhibit 10.1 to this Report. The reader is advised to reference Exhibit 10.1 for the complete terms of the PA and a detailed description of the assets purchased by Texas Energy on the Closing Date.
Section 9. Financial Statement and Exhibits.
(c) Exhibits.
The following Exhibits are hereby filed as part of this Current Report on Form 8-K:
Exhibit Description ------- -----------
10.1 Purchase Agreement by and between Texas Energy, Inc., Catlin Oil Company, Virginia Catlin, Randy Catlin and Virginia Catlin as Independent Executor of the Estate of Carl Catlin, Deceased, dated April 12, 2006.
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Nothing news with this, that's the reason why assets were upgraded by $1.7 mil.
This stock is very undervalued and will be revised soon. The steady sh volume daily traded looks like no dilution occured in the last few weeks. GLTA
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Another 8-K, we are sure aquiring a lot of property. Lets see if this thing runs on this most recent news. I expect a run on Friday.
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Spetz....do you think the Completion of Acquisition or Disposition of Assets is the 'something else..., or the 'Am I missing something?' that Alek is talking about?
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Looking at the end of day action yesterday, I'm thinking there is a little manipulation by the MM's to make us end even. The could be trying to get cheap shares during the day.
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This is obviously not a stock to make a fast buck on like so many are looking for. If you're looking for a fast in and out, get out of this one and re-start your hunt.
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Press Release Source: Universal Property Development and Acquisition Corporation
UPDA Finalizes Plans to Create Wells Service Company Thursday June 8, 10:40 am ET
JUNO BEACH, Fla.--(BUSINESS WIRE)--June 8, 2006--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) has finalized its plans to create a separate oil and gas well services company. This initiative came as a result of UPDA's recent acquisition of the Catlin Oil and Gas Field in Jack County, Texas. ADVERTISEMENT
Consistent with this reorganization, UPDA separated the assets acquired in the Catlin transaction among three companies. All lease and oil and gas wells were transferred to the Texas Energy subsidiary, the pipeline and the gathering systems to the TEI Pipeline subsidiary and all service equipment will be assumed by the new wells services company, UPDA Operators.
The creation of this subsidiary and the recruitment of personnel with oil and gas expertise will enable the company to become self-sufficient as far as work overs and drilling is concerned. The addition of this subsidiary will also allow all of the UPDA lease and well owning subsidiaries to complete their projects faster and more efficiently and at the same reduce costs.
"We took this step to complement and take advantage of our fast expansion strategy. Our subsidiaries increased their well numbers by almost 100 wells so far this year, collectively. UPDA subsidiaries now own over 155 wells and close to 7,000 acres," said Steve Barrera, Texas Regional Manager. "Through UPDA Operators, we will be able get more of the wells into production, faster, and increase the revenues we can generate as a result of the aggressive growth of our asset base."
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Oil falls below $70, so not good for oil stocks right now. That would be my guess for the drop in price, but it could also be due to the dilution that's been goin' on. Apparently UPDA is a dilution machine. I'm staying away from this stock until I see STRONG financials.
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