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Canyon Creek Completes Project in South Markley Field in Young County, Texas -- Another Oil and Gas Well to Be Turned to Production
Canyon Creek Oil & Gas Inc. (A joint venture of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) and USProduction & Exploration, LLC. (USPX), a privately held Company) has completed its revitalization efforts in the South Markley Field in Young County, Texas and today its #2 Prideaux well will be brought on line. The #2 Prideaux was completed in February 1982 flowing 300 mcfgpd from the Marble Falls formation at 4,798'. The Marble Falls formation is a prolific oil and gas producer in the state and in the immediate area. It is estimated the reserves remaining total 548,000 mcfg. Canyon Creek has equipped the #2 Prideaux with a Quincy 270 vacuum pump compressor and the Company is waiting for the gas purchaser to modify its metering system so it can deliver additional gas to the pipeline. Canyon Creek expects the gas production will increase significantly once the Quincy pump is turned on today. Sunoco will purchase the oil from the #2 Prideaux, and
Targa Midstream Services, Ltd., who bought Dynegy Midstream Services, is the named purchaser for the natural gas. Once Targa Midstream modifies its metering site today, Canyon Creek will turn on the Quincy pump to move the casing head gas to the pipeline. The Company will monitor and report daily oil and gas sales to UPDA who provided the funds for the project. The #2 Prideaux is located in the South Markley Field about 12 miles north of Graham, Texas. With the completion of this project, Canyon Creek now has wells producing in 3 fields with additional wells to be brought on line within days. 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. About USPX USProduction & Exploration, LLC, an independent production and exploration company located in Sugar Land, Texas, is engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities. USPX seeks high quality exploration drilling projects in conventional and unconventional reservoirs. The
Company's approach to developing depleted reservoirs and unconventional gas is innovative: it combines horizontal, multilateral, with under balanced drilling methods. 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.
Universal Property Development and Acquisition Corporation Bradford Moore, 561-630-2977 (Investor Relations) info@updac.com
