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Press Release Source: Universal Property Development and Acquisition Corporation
UPDA Pursues Additional Acquisitions - Submits Letters of Intent to Purchase Leases and Businesses in Texas, Wyoming and Several Other States
Wednesday September 27, 6:29 am ET
JUNO BEACH, Fla.--(BUSINESS WIRE)--With its workover project on the Catlin Oil and Gas Field progressing rapidly and the plans for its Canyon Creek Oil and Gas Fields about to be completed under the direction of Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) subsidiary, Ambient Wells Services, Inc., the management of UPDA has again turned its attention to additional acquisitions. As a result, UPDA has recently submitted 2 separate letters of intent to acquire significant oil and gas properties and other related service businesses with operations in Texas, Wyoming, Utah and several other states.
"Consistent with our business model, we intend to aggressively pursue a growth strategy through acquisitions," said Chris McCauley, UPDA Vice President. "We had delayed that growth while we concentrated on straightening out the operational side of the business. With the success of Ambient, we are now ready to return to that work."
Although the details of the transactions are at this time confidential, UPDA can confirm that one project involves a large coal bed natural gas producer and the other is an oil and gas field near its current properties in North Texas with wells producing from the Barnett Shale. Both include current production with opportunities for significant growth. With the successful completion of appropriate due diligence, each should close before the end of the year.
The progress of these potential acquisitions 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.
About Coal Bed Natural Gas (CBNG)
According to the National Energy Technology Laboratory, a branch of US Department of Energy, coal bed natural gas (CBNG) -- also referred to as coal bed methane -- has become a valuable part of our Nation's energy portfolio. CBNG production has increased during the last 15 years and now accounts for about a twelfth of U.S. natural gas production. As America's natural gas demand grows substantially over the next two decades, CBNG will become increasingly important for ensuring adequate and secure natural gas supplies for the United States. CBNG is the gas found in coal deposits. It consists mostly of methane but may also contain trace amounts of carbon dioxide and/or nitrogen. Most coal beds are permeated with methane, and a cubic foot of coal can contain six or seven times the volume of natural gas that exists in a cubic foot of a conventional sandstone reservoir.
About Barnett Shale
According to the American Association of Petroleum Geologists, over 1 trillion cubic feet of gas has already been produced by the Dallas Fort Worth area Barnett Shale play. Current well completions average 1.5 wells per day. The Barnett Shale produces more than 50% of all shale gas produced in the United States. Using a geology-based assessment methodology, the U.S. Geological Survey, in a survey now more than two years old, estimated a mean of 26.7 trillion cubic feet (TCF) of undiscovered natural gas, a mean of 98.5 million barrels of undiscovered oil, and a mean of 1.1 billion barrels of undiscovered natural gas liquids in the Bend Arch-Fort Worth Basin Province, which is far below what many geologists working in the area have estimated.
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
Bradford Moore, 561-630-2977 (Investor Relations)
info@updac.com
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Source: Universal Property Development and Acquisition Corporation
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