Universal Property Development Corporation (fka UPDV)

[hoerud]

April 30, 2007 - 12:09 PM EDT
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UPDA 0.056 -0.0065
Today 5d 1m 3m 1y 5y 10y

CFUL 3.86 0.05
Today 5d 1m 3m 1y 5y 10y

CNDI N/A N/A
Today 5d 1m 3m 1y 5y 10y

HOGC 0.14 0.00
Today 5d 1m 3m 1y 5y 10y

UPDA Updates its Shareholders on its Latest Acquisitions and Continuing Corporate Strategy

As has been previously reported and described in required public disclosures, Universal Property Development and Acquisition Corporation (OTCBB:UPDA)(FWB:UP1)(BCN:UP1)(GER:UP1)(MUN:UP1)(STU:UP1) recently acquired control of two publicly traded companies: Heartland Oil and Gas Corp. (OTCBB:HOGC), based in Denver, Colorado and Continental Fuels Inc. (OTCBB:CFUL)(FWB:CNDI)(GER:CNDI)(BCN:CNDI) of San Antonio, Texas.

These transactions are a clear demonstration to the shareholders of UPDA regarding the commitment of the company to accelerate its ascent to the next level. The Board and Management of UPDA have continuously endeavored to build and increase shareholders’ value and grow the company and the acquisition of Heartland and Continental are manifest of that policy.

The Heartland acquisition, in particular, is a clear representation of UPDA’s strategic vision. In our opinion, it is the deal of the century for a company intent on establishing itself as a leading energy producer. As a result of this transaction, UPDA has gained control of approximately one million acres of oil and gas leases with current production and unlimited expansion opportunities, as well as obtained an entrance into the low risk arena of coal bed methane production. Further, Heartland is a public company is anticipated to encompass all our oil and gas leases in the future, which will help UPDA to mainstream its operations. In addition, through this acquisition, UPDA was able to add significant oil and gas expertise to manage our expanded assets. Finally, the acquisition delivers real value to UPDA’s balance sheet, as indicated in the SEC Form 8-K that was filed earlier, through the procurement of 50,631,764 common shares of HOGC and $4,756,000 of Heartland debt convertible into 118,900,000 common shares in consideration of a combination of cash and restricted common shares of UPDA.

As for Continental Fuels Inc, it is also a great acquisition. The UPDA Board and Management always felt that the value of our trading business and storage facilities was not properly reflected in the value of UPDA stock. As outlined in the latest 8-K, UPDA will receive $2.5 million cash and 50,000 preferred shares that convert into 500,000,000 shares of CFUL as payment for the sale of these subsidiaries and, as a result, the trading business gains the autonomy and flexibility it needed to thrive and excel and UPDA retained control and will receive a substantial sum for operations or future expansion. We are confident that the management of Continental, under the direction of the Board of Directors, is well positioned to exploit the opportunities this transaction delivers.

Through their representation on the Boards of Directors of each, UPDA continues to oversee the operations of both of the acquired companies and UPDA will directly assist Heartland’s drilling program by providing well services and Continental’s trading program by providing access to valuable contacts and suppliers. The dynamics and synergies of these affiliations are designed for success.

The Board and Management of UPDA are committed to building UPDA as a premier energy and alternative energy company even if it requires the personal guarantees we supplied in order to complete these transactions. It is our intention to continue this path of sound acquisitions and generic growth for the mutual benefit of our shareholders and employees.

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.

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 (April 30, 2007 - 12:09 PM EDT)

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