Oil and Gas Plays

[lowman]

UPDA Enters Agreement on the Domes Unit & Woolaroc Lease Project in Osage County, Oklahoma
Business Wire - November 16, 2005 08:42

JUNO BEACH, Fla., Nov 16, 2005 (BUSINESS WIRE) -- The management of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) and the Lion Partners Hedge Fund entered into an agreement to acquire The Domes Unit and associated leases.

GENERAL INFORMATION: The Domes Unit and associated leases are located in Osage County, Oklahoma and covers 3,840 acres. Developed by Cities Service Oil Company in the 1950's and later converted to a water-flood in the 1960's, the Unit proved to be a prolific oil producer into the late 1980's. With accumulated production of 1.5 million barrels of oil to date, the reserves are basically still in place.

RESERVES: A reserve study produced by Landmark Engineering indicated 90 - 128 million barrels of oil in place on the structure. Universal has retained the firm of Scientific Computer Applications Inc., of Tulsa, Oklahoma to verify the Landmark report, to completely map the domed geological structure and to provide a more recent reserve study using new technology.

GEOLOGICAL: The Unit is situated on a domed geological structure, which is the most prolific producing structure in the region. Additionally, there are seven proven productive formations uplifted by the structure. The uplifting has caused formation highs thus increasing reserves above the oil/water contact line. Effectively, there are eight wells in each well bore.

DRILLING: The Domes Unit and associated leases consist of 69 producing wells and 27 injection wells. With the spacing for an additional 232 drilling locations on the Bartlesville formation alone, the property will continue to expand far into the future. The Bartlesville formation has been the most prolific in Oklahoma history, comprising the initial backbone of Cities Service Oil Company, Phillips Petroleum Company, and Conoco Oil Company. Twenty wells were recently drilled in the area to the Bartlesville formation with six wells producing in excess of 100 barrels per day and thirteen well producing 30 - 40 barrels per day. The property has effectively tested a 19 MMCFPD natural gas well in the Arbuckle formation; at $10/MCF this would equal $190,000.00/day. Cities Service had drilled a water supply well into the Arbuckle to supply water for secondary recovery in the Bartlesville formation when they encountered the natural gas. Cities never pursued the Arbuckle prospect because of a single zone per well mentality, the lack of a transmission pipeline in the area and the need for additional water for the Bartlesville flood.

At 09:42 this morning tune into American Scene Radio with host Steve Crowley for more in-depth coverage about UPDA. American Scene Radio will be informing the public of continued developments at UPDA over the next few weeks. Visit www.americansceneradio.com and click on Listen Live on the right side of your screen.

About UPDA

Universal Property Development and Acquisition Corporation (OTCBB:UPDA) focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the creation of joint ventures with under-funded owners of mineral leases and cutting-edge technologies.

For additional information visit: www.universalpropertydevelopment.com.

For additional information about The Lion Partners Hedge Fund visit: www.lionpartnersltd.com

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.

SOURCE: Universal Property Development and Acquisition Corporation (UPDA)

Universal Property Development and Acquisition
Corporation (UPDA)
Kevin Kading, 212-918-4606
[e-mail]