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UPDA Utah Subsidiary West Oil & Gas, Inc. Establishes Offices - Readies to Commence Operations - Masaood Group Commits Additional Funding
SALT LAKE CITY, Jan 27, 2006 (BUSINESS WIRE) -- With its Canyon Creek Oil & Gas, Inc. subsidiary continuing to turn additional wells to production in Texas, Universal Property Development and Acquisition Corporation (OTCBB:UPDA) has accelerated its efforts to commence operations in Utah through its West Oil & Gas, Inc. subsidiary. As Canyon Creek has previously reported, it is now generating significant oil and gas production from its wells in both Archer and Palo Pinto Counties, Texas. Further, the substantial natural gas to be produced from its recently completed well in Victoria County, Texas will generate revenues sufficient to fund many future projects.
In preparation for its aggressive expansion, West has established offices in Salt Lake City's landmark Wells Fargo Bank Tower.
West Oil Vice President Rene Kronvold has initiated review of several oil and gas prospects in the Uinta Valley, the Altamont-Bluebell Field and elsewhere in the state of Utah. "We are very anxious to commence operations in Utah," reports Mr. Kronvold. "It has taken some time to get started while UPDA focused on Canyon Creek, but with the remarkable success of UPDA's operations in Texas, the resources now available will allow West to consider opportunities that may otherwise have been out of reach," continued Kronvold.
In order to take advantage of those many opportunities, West will be terminating its relationship with Dark Horse Exploration and Byron T. Woodard. With the expanding involvement of and opportunities being generated by Landmark 4, West is negotiating to undertake projects that are significantly more lucrative than those presented by Dark Horse. In conjunction with this termination, UPDA will increase its stake in West to 70% and Masaood Group, LTD. and Mr. Kronvold will now own 20% of the outstanding shares.
West has determined that its shareholders and the shareholders of UPDA will be best served by pursuing the new drilling and re-work prospects that are being negotiated. The projected production and operating partners are professional, credible and reliable. As a result of its calculation of the potential revenue to result from the projects that West is preparing to undertake, Masaood Group decided to increase its financial commitment to the venture.
"We intend to hit the ground running and expect to overtake Canyon Creek in a very short time," concluded Kronvold. "Within a matter of a very few months, Utah should exceed the contribution of Texas to UPDA's expanding oil and gas production."
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