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2005-11-16 Close Window
08:42:01
UPDA Enters Agreement on the Domes Unit & Woolaroc Lease Project in Osage County, Oklahoma
Business Editors / Energy Editors
JUNO BEACH, Fla.--(BUSINESS WIRE)--Nov. 16, 2005--
The management of Universal Property Development and
Acquisition Corporation (OTCBB:UPDA) and the Lion Partners Hedge Fund
entered into an agreement to acquire The Domes Unit and associated
leases.
GENERAL INFORMATION: The Domes Unit and associated leases are
located in Osage County, Oklahoma and covers 3,840 acres. Developed by
Cities Service Oil Company in the 1950's and later converted to a
water-flood in the 1960's, the Unit proved to be a prolific oil
producer into the late 1980's. With accumulated production of 1.5
million barrels of oil to date, the reserves are basically still in
place.
RESERVES: A reserve study produced by Landmark Engineering
indicated 90 - 128 million barrels of oil in place on the structure.
Universal has retained the firm of Scientific Computer Applications
Inc., of Tulsa, Oklahoma to verify the Landmark report, to completely
map the domed geological structure and to provide a more recent
reserve study using new technology.
GEOLOGICAL: The Unit is situated on a domed geological structure,
which is the most prolific producing structure in the region.
Additionally, there are seven proven productive formations uplifted by
the structure. The uplifting has caused formation highs thus
increasing reserves above the oil/water contact line. Effectively,
there are eight wells in each well bore.
DRILLING: The Domes Unit and associated leases consist of 69
producing wells and 27 injection wells. With the spacing for an
additional 232 drilling locations on the Bartlesville formation alone,
the property will continue to expand far into the future. The
Bartlesville formation has been the most prolific in Oklahoma history,
comprising the initial backbone of Cities Service Oil Company,
Phillips Petroleum Company, and Conoco Oil Company. Twenty wells were
recently drilled in the area to the Bartlesville formation with six
wells producing in excess of 100 barrels per day and thirteen well
producing 30 - 40 barrels per day. The property has effectively tested
a 19 MMCFPD natural gas well in the Arbuckle formation; at $10/MCF
this would equal $190,000.00/day. Cities Service had drilled a water
supply well into the Arbuckle to supply water for secondary recovery
in the Bartlesville formation when they encountered the natural gas.
Cities never pursued the Arbuckle prospect because of a single zone
per well mentality, the lack of a transmission pipeline in the area
and the need for additional water for the Bartlesville flood.
At 09:42 this morning tune into American Scene Radio with host
Steve Crowley for more in-depth coverage about UPDA. American Scene
Radio will be informing the public of continued developments at UPDA
over the next few weeks. Visit www.americansceneradio.com and click on
Listen Live on the right side of your screen.
About UPDA
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.
For additional information visit:
www.universalpropertydevelopment.com.
For additional information about The Lion Partners Hedge Fund
visit: www.lionpartnersltd.com
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.
KEYWORD: NORTH AMERICA FLORIDA OKLAHOMA UNITED STATES
INDUSTRY KEYWORD: ENERGY OIL/GAS NATURAL RESOURCES MINING/MINERALS MERGER/ACQUISITION
SOURCE: Universal Property Development and Acquisition Corporation (UPDA)
CONTACT INFORMATION:
Universal Property Development and Acquisition
Corporation (UPDA)
Kevin Kading, 212-918-4606
info@updac.com
