Positive Results Continue at UPDA's Catlin Field - 6 Additional Wells Discovered - Tests Signal Significant Production
Thursday October 19, 12:02 pm ET
JACKSBORO, Texas--(BUSINESS WIRE)--As the workover continues at Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) subsidiary's, Catlin Oil and Gas Field in Jack County, Texas, all signals remain positive as 6 additional productive wells were discovered this week and the tests being conducted on the recently worked over wells demonstrate remarkable gas pressure and fluid levels.
As field personnel of Ambient Wells Services, Inc. pursued their inspection of the field, the wells they located included one that was venting natural gas under high pressure as well as 5 further wells that had not previously been identified. "The discoveries in this field continue to surprise," said Gaby Damary, COO of Ambient. "Since Mr. Catlin died 3 years ago, no one has any real concept of what is out here and we keep finding more and more wells that appear to be ready to produce substantial amounts of oil and gas. The one well we found on Monday had so much gas pressure at the surface that we could hear it long before we saw it."
In addition to the discovery of more wells, work has proceeded on the Matlock well that was previously producing commercial quantities of oil and gas despite the fact that a drill bit was lodged in its tubing. Recently, Rockey Well Services swabbed the well to the bottom and found that the fluids in the well were almost entirely crude oil rather than water. "This is a very promising indication," continued Damary. "By the end of the week, we will run the tubing back into that well and replace the rods and pumping unit and turn the well on. Based on these indications, it should be producing gas and oil immediately."
"Even a minor mishap that occurred on the Mathis well this week was actually a positive indicator," concluded Damary. "While the well pumper was performing his routine check of the wells, he discovered that the pressure on the well appeared to be higher than expected so he opened a valve and the gas pressure actually blew out the pipeline. While we can fix this in a matter of hours, further tests indicated that the gas pressure was much higher than we ever anticipated, indicating, of course, that the expected production will be more than originally forecast. We will now carefully release the pressure with assistance of the new compressor and allow the well to produce at levels within the constraints of the pipeline."
The progress of these projects will be reported by UPDA as it continues to update its website at: www.universalpropertydevelopment.com.
About UPDA
Universal Property Development and Acquisition Corporation (OTCBB: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, 561-630-2977 (Investor Relations)
info@updac.com
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