UBRG Universal Bioenergy Inc. (Pink Sheets:UBRG), a publicly traded alternative energy company, announced today, that it is has signed an agreement with ProGas Energy Services Inc., of Texas.
The agreement is a joint venture between "Texas Gulf Oil & Gas," Universal's new subsidiary. According to ProGas Energy, the estimated reserves of the field, are over 20 million barrels of oil, (an estimated value of $1.82 billion at today's NYMEX price of $91.48 per barrel), and 17 billion cubic feet (bcf), of gas.