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Canyon Creek Oil & Gas, Inc. Encounters High Pressure Gas in Inez Field, Victoria County, Texas -- Changes Over to Heavy Mud to Sidetrack #1 Roberts Unit Well
Jan. 4, 2006--
Canyon Creek Oil & Gas Inc. (A joint venture of Universal Property Development and Acquisition Corporation (OTCBB: UPDA) and USProduction & Exploration, LLC. (USPX), a privately held Company) has changed over to a heavy oil-based mud to keep high pressure gas from entering the #1 Roberts Gas Well, located in the Inez Gas Field, Victoria County, Texas. Canyon Creek encountered high gas pressure immediately after the work-over operation began on December 23, 2005.
"Although this high gas pressure makes the job somewhat more difficult, it is a very promising indication of the production we can expect from this well," said Don Orr, Canyon Creek President. "We estimate that the gas pressure is as high or higher today than it was when the well was first completed."
The #1 Roberts Unit was completed in February 1990 in the Yegua sand "B" stringer at 8498 to 8510 feet. Completion forms filed with the Railroad Commission of Texas at that time indicated the well was flowing 2,668 mcfgpd on an 8/64" choke with 4,727 psi flowing tubing pressure. The well was then re-completed in the Yegua "C" stringer at 8530-34 feet. The Yegua "C" stringer produced 593,000 mcfg and 16,000 barrels of condensate prior to another casing collapse.
Once the oil-based mud was circulating properly in the well and the gas influx under control, Canyon Creek removed the 2-3/8" tubing from the well. Canyon Creek purchased high grade 2-7/8" tubing to complete the well. The Company contracted with Smith International to set the whipstock at 7,193' and milling tools were used to cut a window in the 5" casing. Sidetrack operations are currently underway below 7,200' and will continue until the Yegua Sands are encountered at 8,500'.
"With this pressure and the better, larger tubing, we project production in excess of that previously reported," continued Orr. "This well will be one of Canyon Creek's top natural gas producers."
An in-house study estimates the reserves remaining total 4.3 billion cubic feet of gas and 105,000 barrels of condensate. To date, UPDA has invested in excess of $1.2 million in Canyon Creek and, upon completion, will have invested more than $700,000.00 in this single well.
About UPDA
Universal Property Development and Acquisition Corporation (OTCBB: UPDA) 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.
For additional information visit:
www.universalpropertydevelopment.com.
About CCOG
Canyon Creek Oil & Gas Inc. was formed in July 2005 as a joint venture corporation for the purpose of acquiring currently producing oil and gas properties, low risk drilling prospects and existing wells in need of state-of-the-art technology to improve profitability. Canyon Creek Oil and Gas Inc. now has over 60 wells located on more than 2,000 acres in the Fort Worth basin. The Company has also acquired properties located in Inez Field in Victoria County and Giddings Gas Field in Fayette County, Texas. Canyon Creek continues a revitalization program on all of its properties in order to improve production and bring more wells on line.
About USPX
USProduction & Exploration, LLC, an independent production and exploration company located in Sugar Land, Texas, is engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities. USPX seeks high quality exploration drilling projects in conventional and unconventional reservoirs. The Company's approach to developing depleted reservoirs and unconventional gas is innovative: it combines horizontal, multilateral, with under balanced drilling methods.
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.
Source: Canyon Creek Oil & Gas
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