UPDA "news" sind da!

Financing for this acquisition was provided by Sheridan Asset Management, LLC in a term loan valued at $3,635,000.00. Pursuant to the terms of the Loan Documents, Kamal Abdallah, UPDA's Chief Executive Officer and a member of the board of directors and Christopher McCauley, UPDA's Vice President and General Counsel and a member of the board of directors, each agreed to the use of their respective shares of UPDA's Series A Convertible Preferred Stock and other personal assets as additional collateral for the Term Loan and to execute and provide personal guarantees for the repayment of the principal of the Term Loan and for the completion of the other commitments of UPDA under the terms of the Loan Documents.

Phil Winner will remain as CEO and a member of the Heartland Board of Directors but the remaining members of the Heartland board have resigned and been replaced by UPDA's Abdallah and McCauley.

"The Board and Management of UPDA are very excited by this acquisition as demonstrated by the personal commitment we have made to close the transaction," reports UPDA's McCauley. "We anticipate commencement of an aggressive drilling program as soon as we can obtain the necessary permits. This program will involve relatively shallow and inexpensive wells which we expect will allow us to complete 2 wells per week once we get started. The company has developed an extensive and efficient plan that was previously sidetracked only by a lack of financing. We will now work to provide the funding necessary to return this prospect to the values that were previously established when Evergreen Resources, Inc. invested about $60 million into it and when Heartland originally acquired it in 2004 for $22 million after Evergreen was forced to divest in its merger with Pioneer Natural Resources."

For more information about Heartland, see www.heartlandoilandgas.com.

About UPDA

Universal Property Development and Acquisition Corporation (OTC BB: UPDA - News) 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.


Contact:

Universal Property Development and Acquisition
Corporation
Jack Baker (Investor Relations), 561-630-2977
info@updac.com

In the second case, the market opens at a level, equal to or below the previous day’s close. The benchmark is that closing price. If prices during the session stay over the benchmark, go long. Any white candlestick closing above the previous day’s close is the second confirmation criterion.

If, however, in both cases, the prices during the session start coming below the benchmark, avoid buying. Sell if you feel a definite tendency in prices to close the day below the benchmark.

The third case of confirmation is rarely observed. The market opens with a big downward gap suggesting a very bearish day, and the day ends with a long white candlestick, but still closing below the previous day’s close. However, such a day satisfies the third confirmation criterion and in this case the closing price of the long white candlestick will be taken as the price of confirmation.

If one of the three confirmation criteria is not fulfilled, or in case of a black candlestick or a doji on the confirmation day, the BUY-IF alert remains valid, however without confirmation and the three confirmation criteria are then sought in the following day. The only exception is the long black candlestick. Any long black candlestick following a BUY-IF alert makes it (the signal) void and invalid.

Do not consider any new short positions given the bullish alert and the recent bullish momentum. Short sellers must cover their positions to prevent further losses, especially if the market confirms the BUY-IF signal, in which case we owe you an apology about the previous SELL signal.