Continental Fuels, Heartland Oil and Gas, Universal Property Development Combine Operations, Reduce Costs
Monday December 29, 8:00 am ET
HOUSTON--(BUSINESS WIRE)--As they prepare for the new year and a new era of business development, Continental Fuels (CNFU.PK), Heartland Oil and Gas (HTOG.PK) and Universal Property Development (UPDV.PK) have combined their operations in order to reduce costs. As a result, Continental Fuels CEO Tim Brink has assumed control of the combined operation.
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“We have analyzed the operation from top to bottom and eliminated duplication of effort particularly in upper management and accounting,” reports Brink, now the CEO of the entire group of companies. “We continue to maintain sufficient personnel to operate all of the Heartland wells as well as at the Port of Brownsville and Geer Tank Trucks. In the current economy, particularly in light of the falling price of oil and gas, we have moved aggressively to protect and pursue our business model.”
With the cooperation and assistance of its main lender, Sheridan Asset Management, the restructuring will allow Heartland to continue to grow as UPDA’s exploration and production arm and Continental Fuels, Inc. (www.continentalfuels.com) as its trading and marketing subsidiary. As a result, the new management expects to significantly expand shareholder value for the entire UPDA conglomerate.
For more information about Heartland Oil and Gas Corp., please visit www.heartlandoilandgas.net
About UPDA
Universal Property Development and Acquisition Corporation www.universalpropertydevelopment.com is focused on identifying oil & gas companies with proven energy reserves and innovative alternative energy companies with proven 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.
Contact:
Universal Property Development and Acquisition Corporation
Investor Relations
Jack Baker, 561-630-2977
