HOUSTON, Oct. 15 /PRNewswire-FirstCall/ -- Universal Energy Corp. (OTC
Bulletin Board: UVSE), an emerging U.S. oil and gas exploration and
production company, announced today that gas and oil production quantities
increased for the eighth consecutive month in August 2008. August 2008
production increased 21 percent over July 2008 and it was a 108 percent
increase over the average monthly production of the second quarter 2008.
The wells were ordered to be shut in by the Governor of Louisiana on
August 29, 2008 in preparation for Hurricane Gustav. Assessment of damages
was slowed as the area was evacuated for the storm and the following week
another hurricane hit the Gulf Coast area. The wells were not damaged by
the storm but the production equipment was damaged on three wells. Repairs
are currently being completed and the affected wells are expected to be
back online within two weeks. Insurance claims have been filed and
confirmed by insurance adjusters.
"Dealing with hurricanes is just part of doing business in the Gulf
Coast area," commented Billy Raley, Chief Executive Officer of Universal
Energy Corp. Raley continued, "With production beginning at Amberjack
yesterday, Caviar #1 later this week, and Caviar #4 in the next two weeks,
we hope to continue increased production throughout the remainder of the
year."
Universal Energy Corp. is a publicly traded (OTC Bulletin Board: UVSE)
energy company engaged in the acquisition and development of crude oil and
natural gas leases in the United States. We pursue oil and gas prospects in
partnership with oil and gas companies with exploration, development and
production expertise. Our prospect areas consist of lands in Louisiana and
Texas. Visit http://www.universalenergycorp.info for more details.
Forward Looking Statements -- The information contained herein
regarding risks and uncertainties, which may differ materially from those
set forth in these statements, in addition to the economic, competitive,
governmental, technological and other factors, constitutes a
"forward-looking statement" within the meaning of Section 27A of the
Securities Act of 1933, as amended, Section 21E of the Securities Exchange
Act of 1934, as amended, and the Private Securities Litigation Reform Act
of 1995 and is subject to the safe harbors created thereby. While the
company believes that the assumptions underlying such forward-looking
information are reasonable, any of the assumptions could prove inaccurate
and, therefore, there can be no assurance that the forward-looking
information will prove to be accurate. Accordingly, there may be
differences between the actual results and the predicted results, and
actual results may be materially higher or lower than those indicated in
the forward-looking information contained herein.
CONTACT:
Universal Energy Corp.
Billy Raley, CEO, (800) 975-2076
braley@universalenergycorp.info
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