UPDA Canyon Creek Oil & Gas Inc. (A Joint Venture of
Universal Property Development and Acquisition Corporation
and USProduction & Exploration, LLC, a privately held
Company) has dramatically increased the oil production from its Hagler
Capps Lime Field in Coleman County, Texas.
The company had previously reported the lease was producing 250
bopm from 4 wells. Recently the Company treated 5 wells, including the
4 in production, with hot oil and chemicals. As a result of this
treatment, the production has increased to 750 bopm.
Work on the Hagler Leases continues with 2 additional wells ready
to turn to sales. Inclement weather prevented the wells from being
turned to sales last week but the Company expects the two wells will
come on line by Tuesday, bringing the number of wells in production to
7. The Hagler Capps Lime Field is comprised of 2 leases totaling 915
acres and 16 wells.
Progress is also continuing on Canyon Creek's #1 Nelson Roberts
Unit in Inez Field, located in Victoria County, Texas. The Company had
perforated the Yegua "B" zone and encountered gas pressure exceeding
2000 psi at the surface. After flow testing the well, sand, concrete
residue and perforating gun remnants formed a bridge over the
perforations. The company moved in a work-over rig to remove the
bridge with tubing and mills. The Company has been successful in
removing 90% of the bridge and expectations for this well remain high
despite this unforeseen delay. The work over rig remains on site, and
work will continue until the well is ready for production.
The production from this well, as well as the production from all
of its properties, will be reported by UPDA as it continues to update
its website at www.universalpropertydevelopment.com.
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.
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.
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.
KEYWORD: NORTH AMERICA FLORIDA TEXAS UNITED STATES
INDUSTRY KEYWORD: ENERGY OIL/GAS PRODUCT/SERVICE
SOURCE: Canyon Creek Oil & Gas Inc.
CONTACT INFORMATION:
Universal Property Development and Acquisition
Corporation
Bradford Moore, 561-630-2977 (Investor Relations)
info@updac.com
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