UPDA Retains Independent Oil and Gas Consultant; Adopts Due Diligence Methodology
Business Wire - November 23, 2005 8:43 AM (EDT)
JUNO BEACH, Fla., Nov 23, 2005 (BUSINESS WIRE) -- Universal Property Development and Acquisition Corporation (OTCBB:UPDA) continues to sharpen its focus on oil and natural gas development by retaining the independent oil and gas consultant, Landmark 4, LLC. in order to assist in its due diligence review of prospective acquisitions and the planning and evaluation of current work-over projects.
"Landmark brings extensive experience in UPDA's target areas of Utah, Nevada, Oklahoma, Texas and Louisiana," said UPDA Vice President Chris McCauley. "They have been working out there for many years and have developed countless contacts and a vast accumulation of information and resources."
Landmark's oil and gas expertise, coupled with UPDA's existing legal and financial abilities firmly establishes UPDA's rigorous due diligence methodology and demonstrates UPDA's absolute commitment to the maximization of shareholder value. Within the next month, Landmark will have representatives on the ground in Utah and Oklahoma inspecting sites and assisting in the preparation of work-over and drilling plans.
Steve Swain, Landmark's Chief Field Engineer, will review all work over and acquisition proposals and will act as primary inspector of the existing and proposed well sites on behalf of UPDA. He will then assist in the prioritization of the different projects in order that UPDA may maximize the return on its investments.
"Steve has experienced every aspect of the oil and gas business," continued McCauley. "His assistance will allow us to direct our capital appropriately and efficiently. I have worked with Steve on every oil and gas project in which I have been involved in the past ten years. He and the entire Landmark group are true oil and gas professionals. Together with the management of each of our subsidiaries, UPDA has assembled a team uniquely positioned to execute the UPDA business plan."
In unrelated news, on November 22, 2005, UPDA filed a Form 8-K signifying the execution of its definitive Joint Venture Agreement with USProduction and Exploration, LLC (USPX) which resulted in UPDA increasing its stake in Canyon Creek Oil and Gas, Inc. from twenty five percent (25%) to sixty five percent (65%) and committing additional funds for the development of its properties in Texas.
To date, UPDA has invested over $500,000 in Canyon Creek providing for the acquisition of several properties in addition to the work-over of existing wells in Archer, Young, Giddings and Coleman counties in Texas.
Canyon Creek Oil & Gas Inc. was formed in July 2005 as a joint venture corporation for the purpose of acquiring currently producing oil and gas properties, low risk drilling prospects and existing wells in need of state-of-the-art technology to improve profitability. Canyon Creek now has over 60 wells located on more than 2,000 acres in the Fort Worth basin. In addition to this most recent acquisition, the Company has also acquired properties located in the Inez Field in Victoria County and the Giddings Gas Field in Fayette County, Texas. Canyon Creek continues a revitalization program on all of its properties in order to improve production and bring more wells on line.
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.
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)
Peter Nasca Associates, Inc. (for Universal Property
Development and Acquisition Corporation)
Peter Nasca, 305-937-1711
info@updac.com
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