UPDA- Canyon Creek Oil & Gas Inc., a subsidiary of Universal
Property Development and Acquisition Corporation (OTCBB:UPDA) has
completed the assignment of a one half interest in its Starr County
oil and gas field to Avalon Oil and Gas, Inc. (OTCBB:AOGS) and has
retained Melvin Klotzman Oil and Gas Consultants of Victoria, Texas to
prepare an AFE for the work over and drilling program to be performed
on that property and others.
For this one-half interest, Canyon Creek received total
consideration of approximately $1,000,000, of which $75,000 was in
cash and 7,500,000 shares of common stock in AOGS. Avalon will also
provide half of the monies necessary to work over the 4 existing wells
and to drill as many as 8 new wells.
In addition to the Starr field, Klotzman has agreed to submit an
AFE for the Canyon Creek Giddings lease in Fayette County and to
review the logs and other information on the Inez well in Victoria
county and to make recommendations for the commencement of production.
"Melvin Klotzman is an experienced and extremely capable oil and
gas man," said Steven A. Fall, President of Canyon Creek. "With his
assistance, we expect to move quickly on the projects in which he has
agreed to become involved."
In other news, the Board of Directors of Canyon Creek recently met
and accepted the resignation of Don Orr and appointed Steven A. Fall
as its new president.
About UPDA
Universal Property Development and Acquisition Corporation
(OTCBB:UPDA - News) 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.
About CCOG
Canyon Creek Oil & Gas Inc. was formed in July 2005 as a joint
venture corporation for the purpose of acquiring currently producing
oil and gas properties, low risk drilling prospects and existing wells
in need of state-of-the-art technology to improve profitability.
Canyon Creek Oil and Gas Inc. now has over 60 wells located on more
than 2,000 acres in the Fort Worth basin. The Company has also
acquired properties located in Inez Field in Victoria County and
Giddings Gas Field in Fayette County, Texas. Canyon Creek continues a
revitalization program on all of its properties in order to improve
production and bring more wells on line.
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: EUROPE NORTH AMERICA TEXAS UNITED STATES GERMANY
INDUSTRY KEYWORD: ENERGY OIL/GAS NATURAL RESOURCES MINING/MINERALS PERSONNEL
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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