Press Release Source: Universal Property Development and Acquisition Corporation
Landmark Completes Installation of New High Pressure Natural Gas Compressor -- Turns 20 Wells to Production in UPDA's Catlin Field -- 10 Additional Wells to be Turned On This Week
Monday October 16, 6:29 am ET
JACKSBORO, Texas--(BUSINESS WIRE)--Landmark 4, LLC has completed the installation of the new natural gas compressor in Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) subsidiary's, Catlin Oil and Gas Field in Jack County, Texas and over the weekend brought 20 wells on line and into production.
According to Landmark's Steve Swain, "the initial results are very promising. As soon as we turned on the wells, they all brought fluid to the surface immediately. This is a strong indication of solid production potential as the wells maintained substantial pressure while they were shut in. For the next few days, we will continuously monitor the wells while we stabilize the pressure so that we can maximize the production. It appears that the pressure was not properly maintained by the previous operator of these wells and they look like they will be able to produce much more gas than we initially believed while they continue to generate significant oil now that they will be properly operated."
In addition to the 20 wells that were turned on from the Mathis, Maxwell, WA Beggs, WB Beggs and Boaz leases, Landmark continues to work on the Matlock lease and expects to turn it to production by the end of the week.
"In my 30 years in this business, I have never seen anything like what we found on the Matlock," continued Landmark's Swain. "When we pulled the tubing from the well, we found an old drill bit welded to the end. It looks like they were trying to produce the well through the two small holes in the bit, which is ridiculous. We removed all of the tubing and tested the casing and determined that it does not leak. Once we replace the tubes and rods and spot acid the well later this week, I expect it will produce like a new well."
Swain concluded by saying, "With 60,000 feet of new pipeline and all new separators to fill, actual and accurate production figures will not be available until at least the middle of the week. The manner in which the wells reacted and the pressure we are finding in the pipelines, however, make me very optimistic about those results. As good as I feel about what we have accomplished so far, I honestly believe the wells will be working on next will be even better than the ones we just turned on."
The progress of these projects 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 - 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.
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.
Contact:
Universal Property Development and Acquisition
Corporation
Jack Baker, 561-630-2977 (Investor Relations)
info@updac.com
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Source: Universal Property Development and Acquisition Corporation
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