UPDA - The petroleum trading subsidiary of Universal Property
Development and Acquisition Corporation (OTCBB:UPDA) has signed the
contract, made its initial deposit and scheduled the closing in 30
days for its acquisition of the former Silver Petroleum storage
facility in Brownsville, Texas. The total purchase price of the
facility is $1,000,000.00.
The storage facility to be acquired by UPDA presently consists of
4 tanks with a capacity of 12,000 barrels each. In addition, UPDA will
acquire the rights to build 6 additional storage tanks on the 5 acres
it is acquiring in the International Port of Brownsville. UPDA's
facilities constitute approximately 25% of the developed portion of
this port. The facilities are accessible by ship, train and truck.
"The acquisition of this facility and the commencement of trading
operations will establish another stream of revenue for UPDA," reports
Steven A. Barrera, UPDA Regional Manager for its Texas Operations. "It
will also mitigate the risk of price fluctuations of our own
production."
In addition to the condensate from PEMEX, UPDA will also be
importing crude and refined product from various international
sources.
UPDA Trading also recently met with officials of the US Customs
Service and other customs brokers in order to gain approval of its
importation of crude oil condensate produced by Petroleos Mexicanos
(PEMEX) (www.pemex.com).
A sample of the condensate to be imported was recently received
from PEMEX and tested and the quality was confirmed and approved by
both UPDA and the local refiners that will be the ultimate purchasers.
The activity of UPDA's trading subsidiary will be reported
together with all of its well production 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 rights
and leases and cutting-edge technologies.
About PEMEX
Petroleos Mexicanos (PEMEX) is Mexico's state-owned, nationalized
petroleum company. PEMEX not only fuels Mexico's automobile engines,
the company also fuels the nation's economy, accounting for some
one-third of the Mexican government's revenues and 7% of its export
earnings. The integrated company's operations, spread throughout
Mexico, range from exploration and production to refining and
petrochemicals. PEMEX's P.M.I. Comercio Internacional subsidiary
manages the company's trading operations outside the country. PEMEX
has proved reserves of 16 billion barrels of oil and 14.8 trillion cu.
ft. of natural gas.
Statements contained in this press release that are not based upon
current or historical fact are forward-looking in nature. Such
forward-looking statements reflect the current views of management
with respect to future events and are subject to certain risks,
uncertainties, and assumptions. Should one or more of these risks or
uncertainties materialize or should underlying assumptions prove
incorrect, actual results may vary materially from those described
herein as anticipated, believed, estimated, expected, or described
pursuant to similar expressions.
KEYWORD: NORTH AMERICA CENTRAL AMERICA FLORIDA TEXAS UNITED STATES MEXICO
INDUSTRY KEYWORD: ENERGY OIL/GAS NATURAL RESOURCES MINING/MINERALS CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE MERGER/ACQUISITION
SOURCE: Universal Property Development and Acquisition Corporation
CONTACT INFORMATION:
Universal Property Development and Acquisition
Corporation
Bradford Moore, 561-630-2977 (Investor Relations)
info@updac.com
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