UPDA Canyon Creek Subsidiary Commences Well Work-Over Program - Ambient Retains VALA Resources to Return Archer County Field to Production in Two Weeks
Tuesday October 10, 6:29 am ET
JUNO BEACH, Fla.--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) subsidiary Ambient Wells Services, Inc. has retained VALA Resources, Inc. of Laredo, Texas, to spearhead the workover of the various leases owned by UPDA subsidiary Canyon Creek Oil and Gas, Inc. In a conference attended by the management of UPDA, Ambient, Canyon Creek and VALA, a schedule for the workover of the Canyon Creek properties in Archer, Palo Pinto, Coleman, Prideaux Counties, Texas was established.
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The first property on the schedule, known as the Archer County Regular Field, contains 17 wells on over 1300 acres. VALA, under the supervision of Ambient, will service and repair all separators and pump jacks on the property and permit and install a new injection well for salt water disposal. In addition, Ambient will repair and replace the flow lines and gathering system and hire a rig to work over all wells on the lease, pull, test and repair the rods and tubing and replace the down hole pumps.
"As with Landmark on the Catlin Field, we look forward to working with VALA on the Archer Field," said Gaby Damary, COO of Ambient. "Together with the engineers at VALA, we have prepared a detailed and ambitious schedule for Archer as well as the other Canyon Creek properties. Within a couple of weeks of starting the work on Archer, we will begin the same type of program at Palo Pinto and continue until all of the wells are at optimal production."
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 (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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