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Private Energy Group in Negotiations with Grifco International, Inc. to Go Public with Gas Leases in Crockett County, TX
Universal Energy Resources, Inc. (the "Company") announced today that it has retained Joe C. Neal & Associates as its independent third party petroleum engineers.
To date, an engineering evaluation has been performed at the request of the Company on selected gas properties under contract in Crockett County, Texas. The reserve summary and economic evaluation presents an evaluation of proved undeveloped and possible properties and determines remaining oil and gas reserves and future net revenue of 100% working interests.
The proved and possible reserves and associated net revenues were based on current product prices and economics utilizing constant pricing guidelines. The results of the evaluation are based on 40 drill sites out of a possible 208 sites under contract.
Gross reserves to evaluated interests:
Natural Gas, MMCF 15,566
Future Net Revenue, M$ 74,877
Universal Energy Resources, Inc. is a private venture formed by the principals of Grifco International, Inc. (GFCI.PK) to take advantage of oil and gas production opportunities without risking and/or otherwise encumbering the assets of the public company.
The Company is currently in negotiations with Grifco to "go public" and thereafter enter into either a share exchange or dividend payout to the shareholders of Grifco in consideration of utilizing management expertise and know how.
Forward Looking Statements:
Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of our products and services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management or increased government regulation.
For Universal Energy Resources, Inc.
Jim Dial, 936-788-5994 (President)
AI
