Universal Property Development Corporation (fka UPDV)

[hoerud]

NEWS !!!!

UPDA Board Updates its Shareholders on Continuing Progress
Tuesday June 19, 10:08 am ET


JUNO BEACH, Fla.--(BUSINESS WIRE)--As Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News; FWB:UP1) (BCN:UP1) (GER:UP1) (MUN:UP1) (STU:UP1) approaches its second anniversary as an energy company, the Board of Directors is happy to report to our shareholders that the company has made great progress and is in much better shape than it was two years ago.
ADVERTISEMENT


During the past two years, the market cap of UPDA has grown from less than $250,000 to a conglomerate of three public companies with a combined market cap of over $100 million on a fully diluted basis. The aggressive action of the Board has increased UPDA's assets and shareholders' value from deficits to tens of millions.

In July 2005, UPDA was launched with 2000 acres of oil and gas leases and today, with the acquisition of Heartland Oil and Gas Corporation (OTCBB:HOGC - News), the combined companies own close to a million acres in Texas and Kansas.

In order to expand the exploration and production of the acquired acreage, UPDA now owns a drilling and well services company with highly qualified people and equipment capable of addressing all of our field issues.

In February 2007, UPDA commenced trading operations and was importing less than 1000 bbl of condensate per day - today, as a result of the spin-off of the trading and storage facilities to Continental Fuels, Inc. (OTCBB:CFUL - News; FWB:CNDI) (GER:CNDI) (BCN:CNDI), we are importing over 5000 bbl/day.

UPDA is now mainstreaming its businesses into three basic categories. Heartland Oil and Gas is becoming our exploration and production company and it will own and operate all our oil and gas properties. Continental Fuels will be our trading arm, and it will own our port facilities, blending and distribution business. Aztec will be our drilling and well services company.

At this time, UPDA and Heartland have significant oil and gas acreage in three geographic areas: North Texas, Southeast Kansas (the Cherokee basin) and northwest Kansas (the Forest City basin). Working with the management of Heartland, UPDA will soon transfer its existing Catlin and Canyon Creek subsidiaries and assign the proposed Palo Pinto acquisition to Heartland. Heartland's operating arm will also assume control of well management from UPDA Operators.

As part of this consolidation, the management of Heartland has developed a drilling plan for the Cherokee Basin, a workover plan for North Texas and is working on a plan to develop its vast assets in the Forest City Basin.

The management of Continental, in executing its business plan, has reorganized operations, increased condensate (light crude) trading and developed additional supply contacts and further top tier customers. In addition Continental is pursuing the acquisition of oil and gas marketing companies and other operations consistent with its goals.

Aztec Well Service, Inc. is a strategic incubation that will allow UPDA to facilitate and carry out Heartland's drilling and workover programs and compete to provide these services to others. Aztec is currently drilling in Kansas and will soon take over all well service operations in North Texas.

As a parent company, UPDA will continue to provide its subsidiaries with technical, legal, compliance and financial support. In addition, it will aid and facilitate the subsidiaries' acquisition activities. Over the past two years, UPDA has built an infrastructure of very capable talent and established committees to grow the company and its subsidiaries, oversee operations and ensure compliance with expanding regulatory requirements. This infrastructure will also facilitate the incubation of additional energy and alternative energy companies.

The Board of UPDA realizes that these accomplishments were made possible through the support, trust and confidence of our shareholders, as well as through the vision, dedication and the hard work of our employees. We take this opportunity to congratulate you on the success of our company, and to thank all our employees and shareholders for their continued support and assistance.

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.



Contact:
Universal Property Development and
Acquisition Corporation
Jack Baker (Corporate Communications), 561-630-2977

http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3DCOMTEX%5Cbw%5C2007%5C06%5C19...