how is this consistent with their mission of alternative fuels?
Oct 6, 2010 (GlobeNewswire via COMTEX) -- Universal Bioenergy (UBRG, Trade ) announced today that it is establishing a new subsidiary company that will directly produce and supply natural gas and petroleum to sell to its major utility customers, and growing customer base.
On October 1, 2010, executives of Universal Bioenergy, and NDR Energy Group flew to Houston, Texas, and engaged in direct discussions with several gas/oil production companies, to negotiate agreements to obtain natural gas and petroleum fuels directly from the wellhead, to market to its customers. They also made site visits to several oil and gas fields in the region to review the actual production and drilling process of the wells, production levels, reserves, and verified that of the several initially drilled wells, were actually "productive wells".
Gina Roy, CEO of NDR Energy Group, says, "The new company will have an operating group to drill and operate the wells, and a distribution group to manage the oil and gas transmission. The products will then be marketed and sold to our customers through NDR Energy Group, Universal's subsidiary."
Universal's Sr. Vice President, Solomon Ali, states, "Management continues to deliver on the commitments that we made to our shareholders to grow the Company. We generated revenues of $13.9 million in the second quarter this year. We believe, with our new gas supply company, we will obtain gas and petroleum at wholesale, or 'wellhead pricing', and sell much more product. The major benefits to our Company are, greater revenues, higher profit, lower product costs, increased assets, and competitiveness. This will also give us greater control over the supply chain, with our company as a producer, direct supplier, and distributor."
About The Company
Universal Bioenergy Inc. is an alternative energy company, and intends to create and market natural and alternative energy sources including natural gas, solar, biofuels, wind, synthetic fuels and related energy technology products. It plans to build the company into a prominent player in alternative energy.
AI
