Grifco Inc (GFCI)

[elcheepo]

**NEWS**

Universal Energy Resources, Inc. Updates Commercial Gas Find and Drilling Operations

CONROE, Texas, Mar 01, 2007 (BUSINESS WIRE) -- Universal Energy Resources, Inc. (the "Company") announced today updated drilling operations through Thursday, March 01. The Company is a private venture formed by the principals of Grifco International, Inc. (Pink Sheets:GFCI) to take advantage of oil and gas production opportunities including 208 drill sites in Crockett County, Texas without risking and/or otherwise encumbering the assets of the public company.
The following is an update of the drilling operations at Adams 127 Well Number 12.

-- 2/28/07 Flaring gas, finished running 4 1/2" casing. Flaring gas all night.

-- 3/01/07 Continue flaring gas, cementing 4 1/2" casing.

The Company anticipates starting to complete Adams 127 well 12 on Friday, March 02, 2007. The completion process should take approximately 2 weeks to bring the gas to market. Once perforated and fracing is completed we will publish the flow rates through various choke sizes. In addition, the second drill site pad has been completed and the drilling rig is moving to the new location to start our second well. It is anticipated that the rig will be driving conductor pipe on Monday, March 5th.

The Company is currently in negotiations with Grifco to "go public" and thereafter enter into a share exchange with the shareholders of Grifco in consideration of utilizing management expertise and know how. Comprehensive engineering and reserve reports have been prepared on the 208 drill sites with further details to follow.