Universal Property Development Corporation (fka UPDV)

[LowFloatGoat]

I think the activity might be related to this:

In the PR below UPDA has workover deal that will cost $863k. Yesterday they announce the funding deal for $810k. So it appears the deal with HGO went through. Also if you go the Utah Oil and Gas site and look up this well you will find that there was a data update on Feb 8th. (A day before the PR below was released.) The well in question is classified as an oil well but it also produces gas. It is currently shut-in awaiting the workover by HGO as described below. It looks like it has produced 168,000 bbls of oil and 56,000 mcf of gas but there isn't enough information to break it down to a monthly or daily rate.


http://biz.yahoo.com/bw/060209/20060209005271.html?.v=1
Once the agreement is signed by all of the participants, the project will be funded for the estimated total cost amount of $863,310.00 and the funds put in escrow. HGO will draw on AFE funds for actual costs associated with the project. HGO management duties will include the following:

Preparation of a detailed chronological prognosis and task list.
Preparation of all sundry notices and notification to all State, Tribal and Federal entities.
Coordination of and preparation for the actual work being preformed.
Setting up a COPAS approved accounting system for the project as determined by the operating agreement, and determining a mutually agreed to notification system to inform all partners of every facet of the daily work, subsequent production and day to day LOE costs.
Baring any unforeseen weather problems, following the signing of the agreement preparations for the project should conclude within three weeks time. Actual time from start of workover to establishing production is anticipated to be 3-4 weeks in duration.