UPDA UPDA Due Diligence Committee Completes Initial Review of Planned Acquisition of
One Million Acres in Kansas
DENVER, Mar 05, 2007 (BUSINESS WIRE) -- The Due Diligence Committee of Universal
Property Development and Acquisition Corporation (UPDA)(FWB:UP1)
(BCN:UP1)(GER:UP1)(MUN:UP1)(STU:UP1), has completed its initial review of the
accounting, geological and legal aspects of the planned acquisition of One
Million acres in Kansas and all indications remain positive.
Steven A. Fall, UPDA's Chief Geologist and a member of the Due Diligence
Committee, has reviewed the extensive geologic information amassed regarding the
million acres and has met with the consulting engineer regarding current
production data, hydrocarbon reserves and drilling locations and budgets. As a
result of this review, UPDA will be prepared to commence its planned drilling
program immediately upon close of the acquisition.
Joann Hall, a special consultant to UPDA's Due Diligence Committee and an oil and
gas accountant with over 30 years experience, has reviewed the books and records
of the acquisition and is prepared to recommend cost-cutting measures designed to
reduce the lease operating expenses for the million acres. Ms. Hall has met with
the bookkeeper and accountants and surveyed financial reports and audits and
confirms that all records appear to be in order.
UPDA's General Counsel and Chairman of the Due Diligence Committee, Chris
McCauley, has been provided all contracts and agreements relative to the million
acres and is preparing to negotiate new agreements in order to increase the price
obtained for the natural gas produced.
"This transaction appears to be very clean and straight-forward," reports
McCauley. The management of this one million acres was very professional, it
appears they just ran short of money to complete the necessary drilling program.
With the investment UPDA plans to make and the corresponding increase in
production, this property should be very profitable for a very long time. The
members of the Due Diligence Committee are very impressed by this prospect."
About UPDA
Universal Property Development and Acquisition Corporation (OTC BB: 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.
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
Jack Baker (Investor Relations), 561-630-2977
info@updac.com
AI
