Universal Property Development Corporation (fka UPDV)

[hoerud]

NEWS!!!


March 26, 2007 - 12:28 AM EDT




UPDA Subsidiary Makes First Light Crude Condensate Deliveries to Shell Chemicals - 20,000 Barrel Barge Loaded at Port of Brownsville
US Petroleum Depot, Inc., a subsidiary of Universal Property Development and Acquisition Corporation (OTCBB:UPDA)(FWB:UP1)(BCN:UP1)(GER:UP1)(MUN:UP1)(STU:UP1), is completing the delivery of approximately 20,000 bbls of light crude condensate to Shell Chemicals, a division of Shell Oil (NYSE: RDS.A, RDS.B) (www.shellchemicals.com). Through its contract with Western Refining (NYSE: WNR) (www.westernrefining.com), the spread on this sale is over $4.00/bbl.

On Sunday, March 25, the 20,000 barrel petroleum transport barge Luke Bryan was loaded at USPD’s storage facility at the Port of Brownsville, Texas (www.portofbrownsville.com). With a delivery rate of 1700 bbls/hr., the barge can be loaded in about 12 hours.

“This delivery signals the beginning of a continuous and expanding stream of product through this facility and soon elsewhere,” reports Tim Brink, former COO of UPDA Texas Trading, Inc, now CEO of Continental Fuels, Inc. (OTC BB: CFUL, CIQB.F) www.continetalfuels.com. “We have been working around the clock making the final preparations for this initial delivery, from the installation of a second pump to welding the lines to the barge delivery system. We have a great group of employees and vendors down here and the cooperation of the local US Coast Guard station was instrumental in the timely completion of the required final inspections.”

“This subsidiary has now been perfectly positioned to grow the business and with the margins that have been established, the positive cash flow should be significant,” continued Brink. “As we continue to develop the supply sources and refine the operation of this facility and acquire additional storage facilities, we are optimistic about being able to deliver 40,000 bbls/week in a very short time.”

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.

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



Source: Business Wire (March 26, 2007 - 12:28 AM EDT)

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