UPDA ------ STRONG BUY 42% up ............. easy TO 100%
UPDA ------ STRONG BUY RSI STRONG BUY
Crude Oil Production From Single Canyon Creek Well Increases to 1000
Barrels -- Results From Well Revitalization Program Continue to Exceed
Expectations
Canyon Creek Oil & Gas Inc. (CCOG) (a joint venture of Universal
Property Development and Acquisition Corporation (OTCBB:UPDA) and
USProduction & Exploration, LLC. (USPX), a privately held Company) continues
to increase its production of crude oil from the Archer County Regular
Field. Production hit another high today as the #1 Block Estate Well
continues to increase its daily output of crude oil. Canyon Creek
initially pumped its #1 Block Estate at a rate of 450 bopm. The company
reported earlier this week that oil production from the well had increased
to 600 bopm. Production from this single well has now jumped to 1000
bopm and Canyon Creek will continue to monitor the well and report further
increases. Canyon Creek is currently producing 1,350 bopm from 1 of 8
producing wells at its Archer County Regular Field, 4 of 12 producing
wells at the Hagler Capps Lime Field and the wells in the South Markley
Field. Oil production from these three areas will continue to show
increases as Canyon Creek brings new wells into production and
commences its water flood procedures. In addition, as previously reported,
Canyon Creek recently moved a rig to its #1 Roberts Unit well located in
Inez Field, Victoria County, Texas. This well, soon to be brought on
line, when initially completed, flowed at the rate of 80,000 mcfg/m and
2000 bopm according to Railroad Commission of Texas production records.
Due to the tremendous amount of gas and pressure encountered at the
surface upon commencement of operations, the Company decided to change
over to 16.2 lb. mud to control the well. Operations are currently
underway to pull the tubing to make way to squeeze the 5" casing. Petroleum
Engineers International is providing a full-time engineer to monitor the
re-entry operations for Canyon Creek. 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.
About CCOG 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 Oil and Gas Inc. now has over 60 wells located on more than
2,000 acres in the Fort Worth basin. The Company has also acquired
properties located in Inez Field in Victoria County and 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.
AI
