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UPDA Finalizes Plans to Create Wells Service Company Business Wire - June 08, 2006 10:40
JUNO BEACH, Fla., Jun 08, 2006 (BUSINESS WIRE) -- Universal Property Development and Acquisition Corporation (OTCBB:UPDA) 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.
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."
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.
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.
SOURCE: Universal Property Development and Acquisition Corporation
Universal Property Development and Acquisition Corporation Bradford Moore, 561-630-2977 (Investor Relations) info*updac.com
Copyright Business Wire 2006
Posts: 1307 | From: Pittsburgh, PA | Registered: Jun 2006
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If the volume is kept low today, and we still close in the green, tomorrow should be a very nice day.
Posts: 318 | From: Toronto | Registered: Jun 2005
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GRRR! This stock is starting to frustrate me. Surely this is the bottom. Then again, I thought that at .16, then at .10... The difference may be that today it closed at LOD.
I'm stubborn on this one though, not selling... I'll try to average down tomorrow morning if this price holds or goes lower.
Posts: 270 | Registered: Apr 2006
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geez, day 9 no positive gain, previous 10-day downward spiral yielded 30% run, the 100%+ run in january was from a 12-day downward spiral.
Posts: 94 | Registered: Nov 2005
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-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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Ooof! The title should have read, "Don't get hit by this run away train!" Glad I didn't buy more first thing this morning, looks like the free fall hasn't quite stopped.
Posts: 270 | Registered: Apr 2006
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This is the ONE bloody stock, as a newB, I just jumped in, based on all the positive in this board. this is not sour grapes, but a couple of days ago this seemed TEFLON.
anyway, I still think all these 4-star rated traders can't be wrong...
"So I'm gonna stick around and see what happens"Posts: 1307 | From: Pittsburgh, PA | Registered: Jun 2006
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Come on Egg, surely you don't base your buying decisions on the stars of the posters! If I did that, I'd be holding a buch of useless QBID, or some other garbage like that. DD
Posts: 270 | Registered: Apr 2006
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Here's my 2-cents... I think this company can go either way right now... up or down depending on if it continues to produce revenues and reduce losses... duh, right? At this time, my gut instinct tells me that leadership will continue to produce as well as seek properties capable of producing more revenues. So, I'm sticking with it and hoping that they'll use my investment to propel the company into prosperity.
Actually, I really am not a big fan of oil companies as a source for energy. It's too inefficient and polluting for everyday vehicle use when compared to alternative energy sources like hemp or other natural oils. The biggest problem here is breaking the paradigm and getting big business to move along... which is an extremely complicated process that delves into the pockets of too many princes, kings, cousins, cousins cousins... w/e.
So yeah, I look forward to this company producing results and getting out of red-book land with it's recent property acquisitions. From my perspective this is a middle range investment of my money that I had intended for short range investments... but sometimes that's the way the ball bounces.
Go LFWK
Nice knowing you INLM (wish I had known you longer than I did!) hehehehehe Now, INLM... there's a company with consistent positive moves and what seems like a strong future IMO
Posts: 106 | Registered: May 2006
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I am back, hanging in. With stocks like these, you need unlimited patience and a stomach lined with stainless steel.
Posts: 203 | From: Ft Collins, CO | Registered: Nov 2005
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