Press Release Source: Universal Property Development and Acquisition Corporation
UPDA Subsidiaries Continue to Turn Wells Online -- Additional Production Expected to Exceed 100 Barrels of Crude Oil Equivalent per Day -- Total UPDA Production Approaching 200 BOE
Monday December 11, 6:29 am ET
DALLAS--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation's (OTCBB:UPDA - News) Canyon Creek Oil and Gas, Inc. subsidiary has returned its entire Archer County Regular Field to production while UPDA's Catlin Oil and Gas subsidiary continues work on its oil and natural gas field in Jack County, Texas bringing additional wells online at the south end of the leases.
It is anticipated that the additional production from these new wells will exceed 100 boepd bringing current production totals from all UPDA fields to about 200 boepd. Also, natural gas production from the Catlin Field continues to increase and overall production now exceeds 170 mcfg per day.
In Archer County, UPDA subsidiary Ambient Wells Services will turn 10 wells over to UPDA Operators so that they may be produced. These wells range in depth from 4300 feet to 5200 feet and are perforated in the Hull-Silk, Vogtsberger and Ellenberger sand formations.
Recent storage tank measurements indicate that the UPDA subsidiaries presently have over 2300 barrels of oil on-hand. It is anticipated that this oil, together with the additional production to be generated, will be sold during the month of December. In addition, Catlin Oil and Gas has now activated the second natural gas compressor on its field which should result in additional sales of natural gas.
UPDA's improving website can be found 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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