Press Release Source: Universal Property Development and Acquisition Corporation
Production Begins From South End of UPDA's Catlin Field - Natural Gas Pressure Continues to Build and Additional Wells Turn to Oil
Tuesday October 31, 6:38 am ET
JACKSBORO, Texas--(BUSINESS WIRE)--Production was recently commenced from the south end of the Universal Property Development and Acquisition Corporation (OTCBB: UPDA - News) Catlin Oil and Gas Field in Jack County, Texas. As anticipated, this production has resulted in the building of additional natural gas pressure in the pipeline and gathering system.
During the most recent 24 hour period, more than 250 mcf of gas was recorded through the sales meter.
"Although we have brought on-line only 3 of the more than 30 wells on the south end, the gas production from the field has more than doubled," reports UPDA Vice President Chris McCauley. "In addition to the gas from the south end, many of the wells on the north end have now turned to oil. Once we finish the work on the 10 wells of the Ruth lease, production of both gas and oil should continue to expand."
Within the next several days, the rate of well workovers should increase with the employment of a second rig and crew. Both rigs will be assigned to repair the promising wells of the Ruth lease in order that their production potential may be exploited as soon as possible.
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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