Press Release Source: Universal Property Development and Acquisition Corporation
UPDA US Petroleum Depot Subsidiary Expands Condensate Deliveries at Brownsville Storage Facility
Monday February 26, 6:29 am ET
BROWNSVILLE, Texas--(BUSINESS WIRE)--US Petroleum Depot, Inc., a subsidiary of Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News; FWB:UP1)(BCN:UP1)(GER:UP1)(MUN:UP1)(STU:UP1), has accelerated the rate of delivery of light crude condensate at its storage facility located in the Port of Brownsville, Texas and has increased its inventory to nearly 8000 bbls.
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US Petroleum Depot expects to continue receiving shipments at the rate of 10-20 200 bbl trucks per day as it prepares to commence deliveries to its customers on 20,000 bbl barges.
"The accelerating delivery rate will allow USPD to begin shipping to customers in the near future and the storage capacity at Brownsville will provide for continuing shipments as we sell from one tank and build inventory in the other," reports US Petroleum Depot's Tim Brink. "The plan is to build toward delivering at least one barge per week as we reach full capacity."
About UPDA
Universal Property Development and Acquisition Corporation (OTC BB: 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.
About CONDENSATE
Condensate, also known as light crude, is composed of light hydrocarbons in the liquid state at normal temperature and pressure. Condensates are produced from liquid hydrocarbons which are separated when natural gas is treated, from liquid hydrocarbons recovered from non-associated gas, or from liquid hydrocarbons produced from gas condensate reservoirs. Condensate may be similar in appearance to light crude oil. The Railroad Commission of Texas defines condensate as "liquid hydrocarbons separated from gas production." www.rrc.state.tx.us/divisions/og/glossary.html. The US Department of Energy states "Those hydrocarbons in natural gas which are separated from the gas through the processes of absorption, condensation, adsorption, or other methods in gas processing or cycling plants. Generally such liquids consist of propane and heavier hydrocarbons and are commonly referred to as condensate, natural gasoline, or liquefied petroleum gases. Where hydrocarbon components lighter than propane are recovered as liquids, these components are included with natural gas liquids." www.eia.doe.gov/pub/oil_gas/natural_gas/data_publications/ crude_oil_natural_gas_reserves/historical/2004/pdf/glossary.pdf. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
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