Second Phase of UPDA\'s Catlin Workover Commences - Phase One Completed with Connection of New Natural Gas Compressor - North End of Field to Be Returned to Production Today
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13 October 2006, 06:28am ET
JACKSBORO, Texas, Oct 13, 2006 (BUSINESS WIRE) --
Universal Property Development and Acquisition Corporation (BB:UPDA) subsidiary Catlin Oil and Gas, Inc. has been advised by Landmark 4, LLC that work has commenced on Phase 2 of the workover of the Catlin Oil and Gas Field in Jack County, Texas, beginning with the repair of the lease roads on the 240-acre Ruth Lease.
The Ruth Lease has 11 wells and historical records from Texas Railroad Commission indicate it made over 49,000 mcf gas and 4400 barrels oil in its peak production months. At least two wells are loaded with fluid yet are still venting gas through the casing and oil is at the surface of others without lift. Only one of the wells has been produced in the past several years and the pumping units have been stripped for parts and the pipeline disconnected. The access roads were nearly impassable until Landmark moved 2 dozers to the site and cleared them all. Landmark will work on all 11 wells beginning immediately.
Landmark\'s Steve Swain reports that, "the Ruth Lease is prototypical of the condition of the entire Catlin Field. Wells that were capable of significant production were simply shut in rather than maintained or repaired. Once these wells are reworked, all signals indicate that they will be very productive again."
Mentioned Last Change
UPDA 0.0697 (Unchanged)
With the commencement of Phase 2 of the project, completion of Phase 1 was signaled when Landmark connected the new high-pressure natural gas compressor to the north end of the field on Thursday. Those wells will be returned to production beginning Friday. Production will be closely monitored over the weekend and reported early next week.
"As the work progresses on Catlin, we have also contracted 3 additional workover rigs to begin work on the Canyon Creek wells in Archer, Coleman and Palo Pinto Counties," said Gaby Damary of UPDA subsidiary Ambient Wells Services, Inc. "With 4 rigs in the field, we expect to workover as many as 12 wells per week and return them to production with new pipelines and storage facilities."
The progress of these projects will be reported by UPDA as it continues to update its website at: www.universalpropertydevelopment.com.
About UPDA
Universal Property Development and Acquisition Corporation (BB: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
Jack Baker, 561-630-2977 (Investor Relations)
info@updac.com
Copyright Business Wire 2006
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