The petroleum trading subsidiary of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) has signed the contract, made its initial deposit and scheduled the closing in 30 days for its acquisition of the former Silver Petroleum storage facility in Brownsville, Texas. The total purchase price of the facility is $1,000,000.00.
The storage facility to be acquired by UPDA presently consists of 4 tanks with a capacity of 12,000 barrels each. In addition, UPDA will acquire the rights to build 6 additional storage tanks on the 5 acres it is acquiring in the International Port of Brownsville. UPDA's facilities constitute approximately 25% of the developed portion of this port. The facilities are accessible by ship, train and truck.
"The acquisition of this facility and the commencement of trading operations will establish another stream of revenue for UPDA," reports Steven A. Barrera, UPDA Regional Manager for its Texas Operations. "It will also mitigate the risk of price fluctuations of our own production."
In addition to the condensate from PEMEX, UPDA will also be importing crude and refined product from various international sources.
UPDA Trading also recently met with officials of the US Customs Service and other customs brokers in order to gain approval of its importation of crude oil condensate produced by Petroleos Mexicanos (PEMEX) (www.pemex.com).
A sample of the condensate to be imported was recently received from PEMEX and tested and the quality was confirmed and approved by both UPDA and the local refiners that will be the ultimate purchasers.
The activity of UPDA's trading subsidiary will be reported together with all of its well production at www.universalpropertydevelopment.com.
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 rights and leases and cutting-edge technologies.
About PEMEX
Petroleos Mexicanos (PEMEX) is Mexico's state-owned, nationalized petroleum company. PEMEX not only fuels Mexico's automobile engines, the company also fuels the nation's economy, accounting for some one-third of the Mexican government's revenues and 7% of its export earnings. The integrated company's operations, spread throughout Mexico, range from exploration and production to refining and petrochemicals. PEMEX's P.M.I. Comercio Internacional subsidiary manages the company's trading operations outside the country. PEMEX has proved reserves of 16 billion barrels of oil and 14.8 trillion cu. ft. of natural gas.
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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