Universal Property Development Corporation (fka UPDV)

[C C]

Ericus....UPDA....finnancing

The transaction is the second major acquisition completed by Continental during the year. In April, Continental acquired the Brownsville Port Facility (http://www.portofbrownsville.com/) and light crude trading business of Universal Property Development and Acquisition Corporation (OTC BB: UPDA) (FWB: UP1) (www.universalpropertydevelopment.com) in a transaction that resulted in UPDA acquiring a controlling interest in Continental. Since that time, Continental has expanded the storage capacity of its port facility and established significant contracts for the sale and delivery of light crude condensate originating from that facility.

In addition to financing this purchase, Sheridan has also committed a $3 million working capital credit facility to finance Continental’s operations at Geer and the port.




cha-ching