Irish, I was wondering if they were affiliated when I was reading the PR you posted. Interesting. However, see below from the PR for UBRG saying they would be buying the product from an international company. Also, the well in KY only produces 200 barrels a day and UBRG is going to sell 2mil. barrels. That's quite a large difference.
Universal Bioenergy Inc., (OTCQB: UBRG), a publicly traded independent diversified energy company that markets and distributes natural gas, petroleum, coal and electricity, announced that it is in talks with a company for a joint venture for a contract to sell 2,000,000 million barrels of crude petroleum with an estimated transaction value of over $200 million. The parties are in negotiations to procure the foreign light crude oil from a refinery in another country and sell the product to another major international energy company.
The initial contract would be for a spot market transaction for 2,000,000 million barrels of light crude oil. A long-term contract for 1 to 5 years is also being discussed, in which the total volumes of the crude oil to be sold are in the range of 1 to 2 million barrels of light crude per month throughout the contract term. The Company projects that it could earn an estimated $10 to $30 million in profits annually from the sales of these petroleum products.
In its plans for growth and expansion, Universal established a refined Energy Products Division to market and distribute petroleum based products to generate greater revenues and higher profit margins for the Company. The Energy Products division plans to market petroleum based energy products including crude oil, D2 Gas Oil/ Diesel Fuel, industrial fuels, Jet Fuel (Jet A-1 and JP-54) and liquefied natural gas (LNG). The products will be sold to its expanding global customer base which will include federal and state agencies, U.S. military, municipalities and large commercial and industrial companies.
AI
