UNIVERSAL PROP DEV & ACQ Quick Quote: UPDA 0.14 (Even)
bellwetherreport.com: The Bellwether Report notices the potential surrounding Universal Property Development and Acquisition Corporation
5/19/2006
May 19, 2006 (M2 PRESSWIRE via COMTEX News Network) --
Universal Property Development and Acquisition Corporation (OTCBB:UPDA), is a company that our research team will be tracking over the ensuing weeks. They recently came out with a significant corporate development, causing a market stir. The BWR Research Team will continue to bring its subscribers cutting edge research tools, and second to none customer service.
Universal Property Development and Acquisition Corporation focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the creation of joint ventures this morning reported that its subsidiary, Texas Energy, Inc., has commenced its efforts to renovate and improve the more than 30 leases covering approximately 2700 acres it now controls in Jack County, Texas.
The property, known as the Catlin Oil and Gas Field, contains 64 wells, a pipeline and a gathering system that are being returned to production as a result of their acquisition by Texas Energy.
Texas Energy is in the process of building its infrastructure and management team to complete these projects. Steven Hall, a veteran of the United States Marines with many years in the oil and gas industry, has been named Texas Energy Vice President of Operations and he has recruited Greg Untalan to serve as Field Foreman and Judy Matlock to manage the office operations.
"The first order of business was to survey all the wells and the assets of the new acquisition and to develop a methodology to execute and bring the best performing wells back online as soon as possible," said Hall.
Texas Energy has mobilized two field teams and is working on adding a third within one to two weeks. The goal is to complete all above ground well maintenance for Phase One within a three week timeframe. All of the holding tanks have been gauged and revenue from gas and oil gathering accrue to Texas Energy from May 1, 2006.
Earlier this week, Texas Energy Inc., a subsidiary of Universal Property Development and Acquisition Corporation has turned to production an additional 30 wells so that a total of 36 of the 65 wells of its recently acquired Catlin Field in Jack County, Texas are now generating oil and gas. These wells will be continuously monitored in order to determine a proper course of action for the maximization of their output.
Following the announcement, shares of Universal Property Development and Acquisition Corporation traded down another 4.0% as this company continues to struggle. Currently trading at $0.143, this company has had a tought time over the last 9 months. The BWR Research Team will continue to follow the market sentiment on this company and numerous others.
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