JUNO BEACH, Fla., Oct. 3 /PRNewswire-FirstCall/ -- Universal Property
Development and Acquisition Corporation (OTC Bulletin Board: UPDA) has been
informed by the management of its subsidiary, Canyon Creek Oil and Gas, Inc.,
a joint venture with USProduction & Exploration, LLC (USPX), a privately held
Company, that production of natural gas from its Hagler leases in Coleman
County, Texas has greatly exceeded its original projections. Revenue from
that production may be more than 100% greater than originally announced.
As previously reported, Universal has provided funding for the
revitalization of these wells and Canyon Creek had recently announced that
natural gas production would commence before the end of September. It was
originally projected that the Company would immediately deliver about 900
mcfgpm from 5 wells. Production figures reported at the end of last week,
however, indicate that production will exceed 1800 mcfgpm.
Within the next several days, at least 7 more wells will be brought
on-line as a result of funding provided by Universal. The revitalization of
the remaining wells continues as scheduled and several more wells will begin
production in the near future.
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.
About Universal Property Development
Universal Property Development and Acquisition Corporation
(OTC Bulletin Board: UPDA) focuses on the acquisition and development of
proven oil and gas reserves and other energy opportunities through the
creation of joints ventures with under-funded land and technology owners.
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.
This press release was issued through GroupWeb EmailWire.Com. For more
information on press release distribution, go to http://www.emailwire.com.
SOURCE Universal Property Development and Acquisition
Corporation
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