Universal Property Development Corporation (fka UPDV)

[hoerud]

NEWS !!!!

UPDA -- Universal Property Development & Acquisition Corp.
Com ($0.001)

COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
UPDA Board Approves Spin Off to Shareholders - One Share of Continental Fuels, Inc. Subsidiary to be Distributed for Every 50 Shares of UPDA

JUNO BEACH, Fla., Jun 27, 2007 (BUSINESS WIRE) -- The Board of Directors of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) (FWB:UP1) (BCN:UP1) (GER:UP1) (MUN:UP1) (STU:UP1), has approved a resolution to spin off a portion of its holdings in Continental Fuels, Inc. (OTCBB:CFUL) (FWB:CNDI) (GER:CNDI) (BCN:CNDI) to UPDA's common stockholders of record on July 11, 2007, the second anniversary of UPDA's launch as an energy development company.

According to the Board Resolution, one share of CFUL common stock will be distributed to UPDA's common stockholders for every 50 shares of UPDA common stock held. Every UPDA common stockholder will receive at least one CFUL share in this distribution and fractional shares will be rounded up to the nearest whole number. The date of the distribution will be August 1, 2007 to UPDA's common stockholders of record on July 11, 2007.

Although the distributed shares will be restricted from transfer for one year pursuant to SEC Rule 144, UPDA has obtained an opinion that the shares will have no tax consequence to the recipient until they are sold or transferred.

"We have come a long way in just two years and this distribution allows the shareholders to benefit from UPDA's growth in a tangible way," reports UPDA Chairman Kamal Abdallah. "It also allows the Board to underscore the value that the company has been developing since its inception. The spin-off of this portion of CFUL shares represents only about 2% of UPDA's net assets according to an internal review."

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 incubation and acquisition of under-funded energy ventures and cutting-edge technologies. Consistent with this business plan, UPDA has recently acquired majority ownership of two additional public companies, Heartland Oil and Gas Corporation (OTCBB:HOGC) and Continental Fuels, Inc. (OTCBB:CFUL) (www.continentalfuels.com), and established a private, wholly-owned subsidiary, Aztec Well Services, Inc., thereby expanding its asset base and significantly increasing its sources of potential revenue.

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

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


Copyright Business Wire 2007

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KEYWORD: United States
North America
Florida
Texas
INDUSTRY KEYWORD: Energy
Oil/Gas

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