Guy's this means nothing, it;s not important on what fell through, what's important is what was accomplished. Remember management has been reorganized, who orginaly proposed those failed plans? where they even what the company is trying to do today? did they make good business sense?
What everyone should be looking at is what did UBRG do in 2010, what they plan to do in 2011, and yes what have they done so far.
(1) 2010 - To gain a great market share in a short period of time, initially resulted in higher cost of goods sold, and selling the product, at or slightly below our costs, and that directly impacted our profitability. This caused almost negligible gross profit and negative earnings, in 2010. This strategy was only a temporary measure, while we were building greater market share last year. -
Cant grow without spending money this is not a .com buisness.
(2) 2011 - We will have a different strategy for procuring our supplies, and the quantities and price points that we sell the product for, to our customers.
(3) end of 2010 - Progas Energy Services Inc. - Oil and Gas Field Development
On December 10, 2010, we signed an agreement with Progas Energy Services Inc., of Texas. The agreement is a joint venture between "Texas Gulf Oil & Gas", Universal's new subsidiary, and ProGas, to jointly develop the Northwest Premont Oil & Gas Field, located in Texas’s Gulf Coast natural trend, in Jim Wells County Texas. The plans include potentially developing up to 115 oil and gas wells from this field. Progas has developed over 2000 oil and gas wells, and they have over 200 years of combined experience in the oil and gas industry. According to Progas Energy, the estimated reserves of the field are over 20 million barrels of oil, and over 20 billion cubic feet (Bcf), of gas
(4) 2011 - Texas Gulf Oil & Gas Inc.
On December 8, 2010, as part of our plans for growth and expansion, we established a new division known as Texas Gulf Oil & Gas Inc. Its purpose is to develop oil and gas projects, and allow us to be a producer and direct supplier of natural gas, and to manage the transmission and marketing of the product to our major utility customers nationwide. We will obtain the gas directly from the “wellhead”. We believe that the major benefits to the Company are, greater revenues, higher profit margins, lower product costs, increased assets, and increased competitiveness.
(5) 2011 - Universal Bioenergy and Progas Energy “Strikes Oil & Gas”
On March 3, 2011, we announced that Progas Energy Services had stuck oil and gas on several wells that it had drilled in Texas. Progas Energy Services is Universal’s joint venture partner in developing an oil and gas field in Jim Wells County, Texas. According to Progas, the field possibly houses 20,000,000 Bbls of oil, with an estimated value of $1.98 billion based on the, June 10, 2011 NYMEX, West Texas Intermediate (WTI) price of, $95.60, and over 20,000,000 mcf of natural gas, with an estimated value of $95.60 million, based on the, June 10, 2011 NYMEX price of $4.78.
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