Universal Property Development Corporation (fka UPDV)

[panterra]

i'm watching this stock since january 2007 and hold some shares of this one.

due to the following aspects I expect that the net book value per upda share has consolidated or increased per 12/31/2007. i believe we’ll see this result in form ksb (annual report) at the beginning of april.

1. the purchase price of 5,5 million USD for GEER (CFUL-8k-filing 3/5/2008 - “unaudited balance sheet from CFUL/GEER") was already booked with date 12/19/2007 - under the item "loan payable - sheridan term loan". nevertheless the total shareholder equity of CFUL under the line was positive ($301.000)

2. the cash credit (revolving) from sheridan to CFUL about 3 million US dollar (also "GEER-deal") will probably be activated in the balance – but even if it becomes effective, i.e. if assets (new trucks etc..) will be placed as equivalent opponents.

3. the proforma-balancesheet by GEER (filing above) concerned only the revenues by operation for the nine-month-period till 9/30/2007. to draw a prospective 2007-UPDA-balancesheet with an exact net book value per UPDA-share we still need the revenues of GEER for the 4th quarter and also the december-revenues of HTOG (kcc delivers these figures at end of march)

4. those palo pinto leases and wells was transferred by UPDA to HTOG for a purchase price of $6.885.000 (UPDA-8k-filing of 3/7/2008 - "palopintosale"). maybe this agreement refers to the fact that a reserve appraisal possibly was already provided to determinate this purchase price and that it could be activated in the 2007-UPDA balance sheet.

conclusion: by 9/30/2007 the total stockholders equity was $6.666.031. on the basis of the cs-number at this time (833.519.282) the net book value per UPDA-share was $0,008.

as a result of the mentioned aspects above i estimate that this net book value per UPDA-share in the following ksb-balance-sheet will shown as consolidated or increased.

so todays pps of $0,016 just shows a factor 2 on the net book value from 9/30/2007. everybody knows that this is ridiculus at OTCBB. even if the o/s-number has increased to 900.000.000 the actual pps shows: UPDA is clearly undervalued.

imvho. do your own DD and think about that.