UPDA News
Texas Energy, Inc. Builds Staff and Infrastructure - Defines Strategy and Schedule for Workover of Catlin Oil and Gas Field - Resumes Production and Sale
GRAHAM, Texas--(BUSINESS WIRE)--May 9, 2006--Universal Property Development and Acquisition Corporation (OTCBB:UPDA) subsidiary, Texas Energy, Inc., has commenced its efforts to renovate and improve the more than 30 leases covering approximately 2700 acres it now controls in Jack County, Texas.
The property, known as the Catlin Oil and Gas Field, contains 64 wells, a pipeline and a gathering system that are being returned to production as a result of their acquisition by Texas Energy.
Texas Energy is in the process of building its infrastructure and management team to complete these projects. Steven Hall, a veteran of the United States Marines with many years in the oil and gas industry, has been named Texas Energy Vice President of Operations and he has recruited Greg Untalan to serve as Field Foreman and Judy Matlock to manage the office operations.
"The first order of business was to survey all the wells and the assets of the new acquisition and to develop a methodology to execute and bring the best performing wells back online as soon as possible," said Hall.
Texas Energy has mobilized two field teams and is working on adding a third within one to two weeks. The goal is to complete all above ground well maintenance for Phase One within a three week timeframe. All of the holding tanks have been gauged and revenue from gas and oil gathering accrue to Texas Energy from May 1, 2006.
Oil sales to Sunoco (NYSE:SUN) will resume from the Catlin lease as well as from the other leases Texas Energy owns. The gas production will be marketed through Texas Energy Pipelines and Gathering Systems, another UPDA subsidiary.
Hall added that, "Even though the weather has not been very cooperative for field operations, we have been able to work over two of the leases and start on a third. As of today, we have brought back online 7 additional wells, identified 5 wells for minor electrical workover and dropped one from production due to a lightning surge on the motor in a recent thunderstorm."
Texas Energy also continues its cleanup and organization of the warehouse and service center acquired in the transaction. A full time diesel mechanic for heavy equipment and a shop assistant have been added to the staff. "We are diligently pursuing qualified individuals to fill out the necessary staffing for all operations. Several interviews are taking place this week. We hope to have our staffing needs filled within a week. We are going to pursue this project with the organization and enthusiasm of a Marine operation," concluded Hall.
The progress of this acquisition will be reported by UPDA as it continues to update its website at: www.universalpropertydevelopment.com.
About UPDA
Universal Property Development and Acquisition Corporation (OTCBB:UPDA) focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the creation of joint ventures with under-funded owners of mineral leases and cutting-edge technologies.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such
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