Press Release Source: Universal Property Development and Acquisition Corporation
UPDA Production Subsidiaries Post Record Natural Gas Production in January
Thursday February 8, 6:29 am ET
DALLAS--(BUSINESS WIRE)--Despite production interruptions caused by severe weather in Northern Texas and regulatory conditions that delayed efforts to bring additional wells online, UPDA Operators Inc., a subsidiary of Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News), (FWB:UP1), (BCN:UP1), (GER:UP1), (MUN:UP1), (STU:UP1) produced nearly 7 million cubic feet of natural gas during the month of January 2007.
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The closing price of natural gas on February 7, 2007 on the New York Mercantile Exchange, NYMEX, (www.nymex.com) was $7.68/mcf.
Catlin Oil and Gas, with several additional wells to be turned on in the coming weeks, generated over 200 mcf for each day its Catlin Field was in production with the remaining gas coming from Canyon Creek's Coleman Field. Both of these properties were shut in for several days due to ice storms and other severe weather.
Now that its has been authorized by the Railroad Commission of Texas (www.rrc.state.tx.us), Canyon Creek will soon turn wells in both Palo Pinto County and Archer County to gas production and Ambient Wells Services continues work on Canyon Creek's other properties, including the Sanders Field and others.
UPDA Operators has also entered into negotiations with Enbridge (NYSE:ENB - News) that will result in an increase in the price it receives for the gas produced from the Catlin and Canyon Creek wells. This new contract will contain a provision allowing UPDA to market its own production at even greater rates.
UPDA's continued expansion, development and progress will be reported together with all well production at www.universalpropertydevelopment.com.
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, Investor Relations, 561-630-2977
info@updac.com