UPDA West Oil's Planned Acquisition to Immediately Increase UPDA Natural Gas Production by More Than Three Fold with Future Improvements Expected to Double Current Production
Business Wire - January 23, 2007 6:29 AM (EDT)
DALLAS, Jan 23, 2007 (BUSINESS WIRE) -- As it completes its due diligence review, Universal Property Development and Acquisition Corporation (OTCBB:UPDA) subsidiary West Oil & Gas, Inc. has determined that current production from its planned acquisition in Palo Pinto County, Texas exceeds the present production of all of UPDA's other properties by more than three fold and that the improvements planned to be competed within 60 days of the close of the acquisition should more than double this production.
UPDA's internal geological review of the acquisition has determined the following regarding the existing wells:
Well 1 - Total Depth 1250 feet, Completed at 422-30, produced 12 mcfd in October which should increase upon installation of a smaller compressor. Additional production could result if deepened at a later date to the 1700' Strawn.
Well 2 - Total Depth 3830 feet, Completed at 3116-3120, also needs the smaller compressor, produced 227 mcfd in October. Has Barnett behind casing.
Well 3 - Total Depth 3841 feet, Completed at 3386-90, also needs the smaller compressor, produced 12 mcfd in October. Has Barnett behind casing. Additional potential completion zones at 3158-66, 1756-64, 1772-76, 1216-22.
Well 4 - Total Depth 3395 feet, Completed at 3112-22, also needs the smaller compressor, produced 181 mcfd in October. Well almost blew out drilling into producing zone so did not get into the Barnett. Production could be increased with frac job.
Well 5 - Total Depth 3795 feet, Completed at 3079-85, also needs the small compressor, after an acid cleanup, produced 483 mcfd. Has Barnett behind casing. Additional potential zones at 3434-40, 3336-44, 1886-89, 1784-98, 1667-70, 800-20.
Well 6 - Total Depth 551 feet, Completed at 412-20, also needs the small compressor, produced 11 mcfd in October.
Well 7 - Total Depth 440 feet, Uncompleted, surface casing set and bond log run. Great candidate to drill deeper at least to 1700' Strawn.
Well 8 - Total Depth 3792 feet, Completed at 3330-38, also needs the small compressor, produced 21 mcfd in October. Has Barnett behind casing. Also has some additional pay in the producing zone from 3326-30 and additional potential zones at 3426-30, 1869-73, 1804-30, 1702-10, 1332-36.
Well 9 - Total Depth 3860 feet, Completed at 3152-57, also needs smaller compressor. Potential zones at 1704-32 (Strawn), 3386-92, 1633-40, 1620-25. Has Barnett behind casing.
Well 10 - Produced 51 mcfd in October. Needs some evaluation as to how to get best production. Possible acid cleanup or frac. Not drilled into the Barnett.
Well 11 - Total Depth 4820 feet, Completed at 4106-20, produced 23 mcfd. Has a great Barnett section behind casing. Additional zones at 3232-36, 1946-58, 1708-30, 1040-54.
Well 12 - Total Depth 4836 feet, Completed at 4107-22, produced 32 mcfd in October. Has a great Barnett section behind casing. Additional zones at 4268-78, 3268-71, 3231-36, 3132-36, 1924-31, 1286-90, 1020-40. This well is having the downhole pump changed.
Well 13 - Shallow completion at 450-500 feet, produced 21 mcfd in October.
"The more data we review regarding this acquisition, the better it appears," confirms UPDA Chief Geologist Steven A. Fall. "While the current production figures are impressive and could be improved simply through the installation of a more appropriate compressor, the potential of the other traditional pay zones gives these wells significant long term promise. In addition, the results that have already been realized from the Barnett Shale can be tapped as soon as the water disposal issue is resolved."
UPDA's continued expansion will be reported together with all well production at www.universalpropertydevelopment.com.
About UPDA
Universal Property Development and Acquisition Corporation (OTCBB:UPDA) 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.
For additional information visit: www.universalpropertydevelopment.com.
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.
SOURCE: Universal Property Development and Acquisition Corporation
Universal Property Development and Acquisition
Corporation
Investor Relations
Jack Baker, 561-630-2977
info@updac.com
Copyright Business Wire 2007
