UPDA Continues Aggressive Plan to Return All Wells to Production by the End of the Year
Thursday November 30, 6:29 am ET
DALLAS--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation's (OTCBB:UPDA - News) subsidiaries Canyon Creek Oil and Gas, Inc. and Catlin Oil and Gas, Inc., together with its operating subsidiary, UPDA Operators, Inc. and its service subsidiary, Ambient Wells Services, Inc. remain on target in their aggressive plans to return all of UPDA's oil and gas wells to production by the end of the year.
Ambient and its subcontractors continue to work on Canyon Creek's Prideaux Field and UPDA Operators has received a new contract from Targa North Texas, LP to purchase all of the natural gas expected to be produced from this field.
In Palo Pinto County, Ambient and the Texas Rail Road Commission are scheduled to conduct an H5 test of the injection wells that, when completed, will allow UPDA Operators to turn an additional 25 wells to production to supplement the more than 20 wells Canyon Creek is already producing in Coleman and Archer Counties.
Catlin Oil and Gas reports that all of the north side of its field in Jack County has been readied for production while Ambient completes the workover of its south side wells. UPDA Operators is negotiating a new contract with Conoco-Phillips (NYSE:COP - News) for the purchase of all of the crude oil produced by the 65 wells in the Catlin Field.
"We continue to work at a feverish pace," reports Gaby Damary, COO of Ambient. "We have rigs working 12-16 hour days and roustabout crews working 70 hour weeks to complete this ambitious project. We fully expect all of the wells to be in production before Christmas."
For timely updates of this progress, visit UPDA's website at: www.universalpropertydevelopment.com which will report 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.
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