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Monday Sep 25 2006 06:29:24 EDT
JACKSBORO, Texas, Sep 25, 2006 (BUSINESS WIRE) --
Universal Property Development and Acquisition Corporation (OTCBB: UPDA) subsidiary, Ambient Wells Services, Inc., has been advised by Landmark 4, LLC that the repair and remediation of the disposal well facilities on the Catlin site will be completed this week and that installation of the new tank batteries has been initiated.
Ambient is managing the workover project on the field in Jack County, Texas for UPDA subsidiary, Catlin Oil and Gas, Inc., owner of the Catlin Field. Ambient has retained Landmark 4, LLC of Ohio and Rockey Well Services of Texas as subcontractors.
Kirby Rockey, Operator of Rockey Well Service, reports, aEURoeAs we open each well, the pressure we are encountering is remarkable. Every well that we have worked over has shown significant potential.aEUR
aEURoeRockey Well Services has made efficient progress on the wells after only two weeks and we are prepared to handle the additional oil and gas production that will be generated,aEUR said Steve Swain, Landmark 4 Field Superintendent. "In order to handle that production, we are finishing repairs to the natural gas pipeline and replacing the crude oil storage tanks. We will also be ready to dispose of the additional water that increasing production will generate. We have had a crew working on these facilities for several days cleaning up the area, installing new injection pumps, replacing the tank pads to handle all of the water these wells may generate. We expect to have this work completed in the next few days.aEUR
aEURoeIn addition to the repairs and replacement, we have already received and installed new storage tanks for the leases that have been completed,aEUR reported Gaby Damary, Ambient COO. "We will now take regular delivery of more tanks every week as wells are brought into production. This Wednesday we are also scheduled to receive nearly ten miles of natural gas pipeline that Landmark will immediately begin installing.aEUR
The progress of this project will be reported by UPDA as it continues to update its website at: www.universalpropertydevelopment.com<;/a>.
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.
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.
SOURCE: Universal Property Development and Acquisition Corporation
