UPDA News - Canyon Creek's Reports Six New Wells Producing in Archer County Regular Field
Business Wire - February 01, 2006 10:31
HOUSTON, Feb 01, 2006 (BUSINESS WIRE) -- Canyon Creek Oil and Gas, Inc., a joint venture of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) and USProduction and Exploration, LLC. (USPX), has increased its oil production by an additional 600 barrels of oil per month as six new wells in it Archer County Regular Field are turned to sales. Four of the six new wells are classified as pumping wells and the other 2 wells are flowing 100% oil through the casing. The 5 wells originally producing in Archer County continue generating 2000 barrels of oil per month.
Canyon Creek will continue to monitor the five original and the six new wells for additional increases in oil production. It is expected that the 4 pumping wells will add more oil once the water is pumped off. The Archer County Field represents 1 of the 7 oil and natural gas fields owned by Canyon Creek.
As previously reported, Canyon Creek has also unexpectedly found considerable gas pressure on the casing annulus of these wells. The Company is making plans to lay a gathering system to each well and deliver the gas to the purchaser. The management is in communication with the gas purchaser to connect the wells to a sales pipeline.
Canyon Creek also reports today that the #2 Prideaux located in South Markley Field, in Young County, Texas, is now making 3,780 mcfg/m and 45 bo/m. The #2 Prideaux was making 90 mcfg/m and no oil when Canyon Creek purchased the lease and the well. Following a work-over that include lowering rods and a down-hole pump in the well, moving in and connecting a 114 pump jack, and setting a compressor vacuum pump to move additional gas to the pipeline, the Company has increased the production revenue 4,200 percent.
Work on Canyon Creek's 17 wells in Coleman County, Texas and its 27 wells in Palo Pinto County, Texas is also proceeding as scheduled. "We will continue to bring more wells on-line and continue to increase revenues in the days and weeks ahead," reports Donald Orr, President of Canyon Creek. "We have these 44 wells that are currently in the process of workover as well as the major gas well in Victoria County, Texas that we are working to complete and produce."
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.
SOURCE: Canyon Creek Oil and Gas, Inc.
Universal Property Development and Acquisition
Corporation
Bradford Moore, 561-630-2977 (Investor Relations)
info@updac.com
Copyright Business Wire 2006
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