Press Release Source: Universal Property Development and Acquisition Corporation
UPDA Catlin and Canyon Creek Subsidiaries Continue Acquisition Programs in Order to Expand within Localities - Additional Leases and Rights of Way Purchased - Ownership of Existing Lease Consolidated
Tuesday December 5, 6:29 am ET
DALLAS--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation (OTCBB: UPDA - News) subsidiary Catlin Oil and Gas, Inc. has purchased 5 additional leases contiguous to its existing oil and gas field in Jack County, Texas, and obtained a right of way of more than 2 miles in order to connect the north and south ends with a high-pressure natural gas pipeline.
UPDA's Canyon Creek Oil and Gas subsidiary has also negotiated the acquisition of the remaining 25% working interest that had remained outstanding in its Prideaux property. As a result of this purchase, Canyon Creek now owns all of the working interest in that lease.
"These acquisitions are a further demonstration of the refinement of our business plan to expand and improve properties where we have already made significant investment and to maximize our efficiencies and economies of scale," reports Chris McCauley, Vice President of UPDA. "Although we fully intend to continue our growth in any area in which we find significant opportunity, we also recognize the advantages of expanding in our existing areas of interest and we intend to exploit the favorable conditions presented in those areas."
"The new acquisition in Jack County consists of 5 contiguous leases containing nearly 200 acres and five wells that we will simply expand our workover program to include. The cost of this expansion is negligible while the potential is enormous," continued McCauley. "On the Prideaux, we will now be able to pursue the intended revitalization without the potential for delay that outstanding working interests present. We have significantly increased our upside with little or no downside. Our acquisition and land management department has been directed to aggressively pursue these types of opportunities."
For timely updates of this progress, visit UPDA's website at: www.universalpropertydevelopment.com, which will report production from all of the wells as improvements to the site and the wells continue.
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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