Universal Property Development Corporation (fka UPDV)

[DOLLARLAND]

A Press Release (after the bell?). Up about 10% overseas.


UPDA Executes Letter of Intent to Acquire One Million Acres in Kansas
Thursday March 1, 6:29 pm ET


DENVER--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News; FWB:UP1)(BCN:UP1)(GER:UP1)(MUN:UP1)(STU:UP1), has this afternoon executed a letter of intent to acquire leases encompassing nearly one million acres in Kansas. UPDA will acquire 100% of the working interest in most of these one million acres. Upon completion of the transaction, UPDA will become the owner of one of the largest coal bed methane fields in the state of Kansas.
ADVERTISEMENT


Pursuant to the letter of intent, UPDA will acquire the one million acres, an extensive gathering and pipeline system, compression equipment and a gas processing plant as well as all surface equipment located on the wells.

Members of UPDA's due diligence committee will continue review of the acquisition through the end of the week so that the transaction may be closed without delay. Further details of the transaction will be released as they become available.

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 Methane

Coal bed methane is a clean-burning energy source well suited as a fuel for production of electricity, residential and commercial heating, and as a vehicle fuel. CBM currently supplies approximately eight percent of the nation's natural gas production, and is an important facet of the nation's energy mix. United States CBM production grew by 13 percent in 2001 to 1.562 Trillion cubic feet (Tcf) (EIA 2001). CBM will become more important as the demand for natural gas increases, and the focus on domestic production is heightened due to the deregulation of electricity and the tension over international energy supplies.

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. http://www.all-llc.com/CBM/pdf/CBMPRIMERFINAL.pdf



Contact:
Universal Property Development and Acquisition
Corporation
Jack Baker (Investor Relations), 561-630-2977
[e-mail]

--------------------------------------------------------------------------------
Source: Universal Property Development and Acquisition Corporation