Universal Property Development Corporation (fka UPDV)

[hoerud]

UPDA Advances Operations and Production at Catlin and Palo Pinto Oil and Gas Fields Slated for Transfer to Heartland

08.28.07

Houston, Texas (August 28, 2007) Consistent with its successful strategy for growth, Universal Property Development and Acquisition Corporation (OTC BB: UPDA) has initiated plans to complete the incubation of its Texas production subsidiary, Catlin Oil and Gas, Inc. in advance of the transfer of its assets to Heartland Oil and Gas Corp. (OTC BB: HTOG).

In the Catlin Field in Jack County, Texas, UPDA installed 2 new 40 HP compressors on its pipeline and increased the amount of gas it is delivering to market by nearly double from 170 mcfg/day to 322 mcfg/day and performed repairs to its disposal well resulting in a savings of almost $10,000 per month in disposal costs.

On Tuesday, Schlumberger will run the cased hole log on the Ruth 10 well after UPDA last week pulled the tubing and prepared the well for testing.

“This log will give us a template to produce additional behind pipe zones in not just the Ruth 10 but also for the many other conglomerate wells we have here in the Catlin Field,” explains Steven A. Fall, the president of both Catlin and Heartland. “It will probably take at least a week before we will have the final computer version of the log, but once we have that, we will start a recompletion program that could significantly improve production. As we proceed toward the successful transfer of UPDA’s oil and gas production assets into Heartland, the condition and operation of these wells and assets is at its highest level and the opportunity for improvement has been designed for execution.”

At the newly acquired natural gas field in Palo Pinto County, Texas, plans are underway for the installation of a disposal well to handle the additional water expected to be produced as those wells are recompleted in the Barnett Shale. As previously reported, the first well recompleted in this program showed an increase in production to about 1000 mcfg/day. After meeting with the consulting engineer on this project, John Evans, management will establish a schedule to provide for the efficient expansion of production from these wells.
http://www.heartlandoilandgas.com/news042324.htm