Universal Property Development Retains Investment Consultant to Raise Capital in Dubai - Prepares Extensive Drilling Program in Southeastern Kansas
Wednesday February 4, 2009, 9:03 am EST
HOUSTON--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation (Pink Sheets:UPDV - News) has executed a consulting agreement designed to raise up to $85 million from investors in Dubai and the UAE in order to drill as many as 500 new wells along the natural gas pipeline and gathering system owned by Heartland Oil and Gas Corp. (Pink Sheets:HTOG - News) in Southeastern Kansas.
“This new drilling program will allow us to take advantage of the massive investment we’ve already made in Southeastern Kansas,” remarked Tim Brink, CEO of both Universal and Heartland as well as Continental Fuels Corp. (Pink Sheets:CNFU - News). “We have more than 30 producing wells out there and many miles of pipeline along which we can drill over 100 wells without further expansion. Our new consultant indicates that they are experiencing great interest in this project from their clients in Dubai and the rest of the UAE and, as soon as we can complete the necessary paperwork, we are very confident of great results.”
The contemplated program involves equity investment into a new limited partnership for which Universal will serve as general partner. Once drilling is initiated, it is anticipated that 500 wells can be drilled, completed and connected within 3 years.
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 (Investor Relations), 561-630-2977
info@universalpropertydevelopment.com
