UPDA Canyon Creek Subsidiary Resumes Production of Oil and Natural Gas In Archer County and Coleman County - Catlin Subsidiary Continues to Increase Production in Jack County - UPDA has Aggressive Plan to Complete Workover of All Fields By End of the Year
Monday November 27, 6:29 am ET
DALLAS--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation (OTCBB: UPDA - News) subsidiary Canyon Creek Oil and Gas, Inc., has returned its Archer County Regular Field and Coleman County oil and gas field to production while the Catlin Oil and Gas, Inc. subsidiary completes the workover of the Catlin Field and continues to increase the production from its wells in Jack County.
In Archer County, Canyon Creek returned its Number 11 well to production for the first time in over 20 years. "When we first turned the well on, oil spouted more than 10 feet into the air," described Gaby Damary, COO of UPDA subsidiary Ambient Wells Services. Prior to being shut-in in August, this field had been generating more than 30 barrels of oil per day which should increase with the addition of more wells. This additional production was made possible after the successful H5 test of a new injection well on the property and the receipt from the Texas Rail Road Commission of a permit to operate that well.
In Coleman County, Canyon Creek returned 2 wells to production on November 18. These wells, which have not been produced for almost 30 years, have generated approximately 15 barrels of oil per day since being brought on line.
UPDA's Catlin subsidiary continues the workover of its field in Jack County, Texas and production from its Matlock Lease has shown dramatic improvement. "I am told that production from the Matlock is literally off the chart," reports Chris McCauley, UPDA Vice President. "There is over 120 pounds of pressure on the pipeline around the clock. This is the type of improvement we were expecting when we began work on these wells."
Consistent with these promising production results, UPDA has formulated an aggressive plan to complete the workover of all of its properties by the end of this year. "Success is contagious," admits Ambient's Damary. "We are anxious to execute the ambitious plan that the management of UPDA has laid out for us and are very optimistic about the expected results."
UPDA's website at: www.universalpropertydevelopment.com will this week begin timely updates of production from all of the wells as improvements to the site and the wells continue.
About UPDA
Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) 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.
Contact:
Universal Property Development and
Acquisition Corporation
Jack Baker, 561-630-2977 (Investor Relations)
info@updac.com
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