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SALT LAKE CITY--(BUSINESS WIRE)--Feb. 9, 2006--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) subsidiary, West Oil & Gas, Inc., has entered into negotiations with Homeland Gas and Oil, Inc. of Roosevelt, Utah for a well recompletion venture which is slated to be undertaken in Uintah County, Utah.
This project will be similar to other successful efforts in the same township and will include running new casing, well site refurbishment, logging, frac type stimulation and setting of a new Rotoflex Pumping Unit on the well known as the Ute 1-16 A1E.
Homeland Gas and Oil, Inc. (HGO) has numerous opportunities for both recompletions and step out drilling in the Bluebell/Altamont area. Homeland's "Stock in Trade" is solid prospective properties that have been under utilized. As prices for oil and gas have continued to rise, these properties have become more and more attractive and desirable. As indicated by Bob Ballou, Homeland Geologist, "this is an outstanding prospect with tremendous upside potential."
A mutually acceptable agreement for the venture will be entered into by all of the participants, including HGO and Landmark 4 LLC. An Area of Mutual Interest (AMI) will be established and the venture will be managed and operated by HGO.
Once the agreement is signed by all of the participants, the project will be funded for the estimated total cost amount of $863,310.00 and the funds put in escrow. HGO will draw on AFE funds for actual costs associated with the project. HGO management duties will include the following:
Preparation of a detailed chronological prognosis and task list.
Preparation of all sundry notices and notification to all State, Tribal and Federal entities.
Coordination of and preparation for the actual work being preformed.
Setting up a COPAS approved accounting system for the project as determined by the operating agreement, and determining a mutually agreed to notification system to inform all partners of every facet of the daily work, subsequent production and day to day LOE costs.
Baring any unforeseen weather problems, following the signing of the agreement preparations for the project should conclude within three weeks time. Actual time from start of workover to establishing production is anticipated to be 3-4 weeks in duration.
Bill Murphy GATA message tonite
by: dlh3943 (M/TN) 02/08/06 10:18 pm
Msg: 128080 of 128122
Le Metropole Members, MIDAS GOLD ALERT
What is happening during the early trading hours in Asia is unprecedented. Gold has been up as much as $8 and change ... and is now up $6.80. The first day after the surprise Washington Agreement on September 26, 1999 gold was up only $7. That agreement caused chaos in the gold market in the next two weeks as gold rallied $84 an ounce. Bank of England Governor Eddie George later stated that they "were looking into the abyss."
The Gold Cartel rallied their forces and sent gold right back down to its lows. The difference between now and then is the bums have GONE THROUGH their available central bank gold in order to accomplish what they did back in those days.
I won't jinx tonight's spectacular gold price reversal. Anything can happen between this evening in Asia and tomorrow on the Comex. HOWEVER, this stunning price surge suggests this move is PANIC short-covering by The Gold Cartel and their allies. They had hoped to create a gold debacle with their raid on Tuesday and it didn't work. They know it. GATA knows it. . .
The latest Credit Agricole/Cheuvreux gold report was the cabal's death knell as it confirmed what the speakers at our conference laid out. This report is circulating at the highest government and financial market levels around the world. The Gold Cartel understands this, and therefore staged a desperate attack on gold yesterday in order to influence fund selling so they cover their huge shorts as best they could.
The RAID failed and they are presently scrambling. YES, they can call for reinforcements tomorrow. That will only bide them time. The Gold Cartel is DOOMED. The price of gold is going to soar to $2,000 per ounce and well beyond.
200 holes?
Is this better than a floorless convertable?
ADMIRAL BAY GETS COMMITMENT FOR US$40 MILLION CREDIT FACILITY FROM MACQUARIE BANK LTD.
- Initial availability of US$15 million will fund accelerated drilling program
Denver, Colorado 7 February 2006
Admiral Bay Resources Inc. (TSX Venture: ADB) announced that it has executed a commitment letter with Macquarie Bank Ltd. for a US$40 million credit facility. Initial availability will be US$15 million to be used for development of the Company's properties in southeast Kansas and Pennsylvania. Additional availability will be based on a borrowing base calculation including proved reserves from new wells drilled or acquired. The facility will have an interest rate that will float based on LIBOR and will initially be approximately 7.00% and could increase based on the percentage of availability drawn. In addition, Macquarie Bank will be issued warrants equal to 5% of the fully diluted outstanding shares of the Company. The warrant exercise price will be set at a 50% premium to the average daily share price for the 30 days prior to closing and will be subject to regulatory approval. The Company and Macquarie Bank are currently finalizing a development plan for calendar 2006 that will include the drilling of over 200 wells along with related facilities. The loan is subject to customary closing conditions and documentation. The Company expects to close the credit facility in the next 30 days.
Admiral Bay President, Steve Tedesco commented "This credit facility, combined with the proceeds from our recent equity placements, gives the Company the necessary capital to aggressively develop its extensive acreage position, increase production and proved reserves, as well as pursue attractive acquisitions if they present themselves. We look forward to working with Macquarie Bank to grow the Company and increase shareholder value."
Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging coal bed methane (CBM) production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB.
About Macquarie Bank Limited
Macquarie Bank Limited is a diversified international provider of specialist financial and investment banking services with over 7,600 employees in 23 countries. Headquartered in Sydney, Australia, Macquarie Bank is listed on the Australian Stock Exchange and has a market capitalisation of approximately US$10.8 billion (as at February 3, 2006). As at September 30, 2005 Macquarie Bank had total assets of US$85.3 billion and maintains credit ratings of F1/A+ (Fitch), P1/A2 (Moody's) and A1/A (Standard & Poor's).
Macquarie Bank Limited provides debt and equity capital for independent oil and gas producers, and markets these services through its Representative Office in Texas
Well it a question of who broke that previous deal.Was it the other party?Or did CGHI see the Escopeta deal coming?I suspect the Escopeta managers will have influence and input in this company now.May be a good thing?I dont believe this could be another exxon but there is a chance for a lot more than 60cents.In the end,as always,it will depend on the drilling.
Any idea how to transfer settings from admin to user?
I am all screwed up already.
There was IE and MSN IE installed.
I tried to delete MSN IE.
Now I have only IE on admin but only MSN IE on user.
Thanks Newly,I will get on to that right away.
I just remembered something that used to make me brick throwing mad.I would be using my puter and I would suddenly get a popup saying "we are closing windows because you have performed an illegal act".I havent seen that one for a while so I suspect they stopped it with one of their "upgrades".
Does your upgrade include SP2?I am running without SP1 and SP2.
When I got my newest laptop it ran without passwords even though I was admin.The password stuff arrived with M/S upgrades.Now all users have to sign in to use it.I tried to eliminate passwords for users but failed.
How old is your version?So far I have had zero warnings about anything on the XP I installed.I dont have to do a password on startup,it just fires right up.But I wont be confident until its been running more than a month.
Scan your ports here.
http://www.dslreports.com/scan
I hate it when stuff like that happens.
Yes,I have heard it caused problems for some users but I have had good results with it.
BTW I have managed to reverse my situation with Bill.He is one who will want to throw bricks at me.
Well I am dissappointed.I want to tell you about my favorite utility ,"crap cleaner".Its really fast,only a few seconds.And it also has a function to "fix issues".
Sorry,I also have a problem knowing which programs are essential.But if you manage to identify a spyware program that refuses to leave,this is something you can try.
BTW,you dont need such a large expensive balloon.A bunch of smaller cheap ones attached to your lawn chair will work.Couple of years ago airline pilots using LAX confirmed such a craft will fly.
Don't you hate it when you press Ctrl-Alt-Delete and find a dozen mystery programs running you didn't even know were running? WinPatrol gives you greater control over what can run on your machine. You can set it to display additional information about--and approve of--startup programs. You'll also be alerted when something tries to load an IE plug-in or set a cookie. And to get rid of a particularly nasty piece of spyware, you can use the "Delete File on Reboot" feature, so Windows will get rid of it before any other program can protect it or relaunch it. Scotty the Windows Watchdog barks if he spots trouble. Good boy!
I have some ADB.V.It jumped 7.5% today.Wish I knew why.I am worried about that one.Been no real news for too long.
EGY made my day.Up 8%.eom
Hmmm.I think it might be ok.I think I will do it.
They have about 3mil debt and their total revenue in the middle of winter is only 1mil per month.
Legal question.I own one XP CD and two laptops.Is it legal for me to use the CD in both laptops?I know microsoft dont allow it.Please note I am not asking that, or any question about updates or service packs.
Will I break any laws if I use the one CD to install XP in both laptops ?
SIOR.OB.Anyone know why it doubled today?
Have you heard about those new laser drill rigs?
I just doubled my position @ 5cents even.eom
Well at least I got the board off the personality posts for a couple of minutes.
AMEP must have a rig problem.
Heres what QOIL expects.
The rig will be mobilized out of Blackwell, Texas and is scheduled to spud QNG-3 well February 8th, 2006, and is expected to conclude drilling all five wells within 14 days.
Got any info on the source of this info?
JMC = Jim Cramer???
just joking
Heh heh,I have some First Majestic.Its making me smile.
I dont have any technicals or funymentals.I think its a gamble,but a good one.So far they have not been proven bullshitters.They are still talking it up.It has potential to gain altitude.If half of what they say pans out it will be a good one.
Any opinions on all the cheap fix repair emergency boot discs for sale on ebay?
Up 24%.Why is everyone so quiet?
OK thanks.That will be my 10/100Mbps cardbus card that plugs in the side of my puter with RJ-45 connector.
I read a report that Canada has vast NG reserves in some northern place.Enough to supply the whole of Canada for five years.So all other NG production could be sent to US.But they have to get permission from enviromentalists and I assume pipeline would take more than a year to construct so this is no immediate concern for oversupply.
Heh heh,was that a good PR or what!
Oh hell!I dont even know what a network card is or if my puter has one.
BnB,you misunderstood my question about upgrading to XP.Let me put it another way.Could your problems have anything to do with the fact that you "upgraded" W98 rather than installing a stand alone version of XP?
I am thinking of replacing my W98 with W2000 and am wondering if I should avoid the "upgrade" version.
BRING BACK DRILLBIT!
Heh heh.Looks like raging bull has come to Ihub.
If I was Czech I would wipe the lot.
Doesnt matter how murky AMEP is.If they drill into gas and then start producing it this stock is going up.