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Universal Property Development and Acquisition Testing and Adjustment Continue at UPDA's Catlin Field -- Over 100 Barrels of Oil Produced From 9 Wells in 36 Hours -- UPDA CEO
As production is reestablished at Universal Property Development and Acquisition Corporation (OTCBB:UPDA) subsidiary?s, Catlin Oil and Gas Field in Jack County, Texas, field service crews continue to test and adjust the on-site equipment in order to maximize production, ensure environmental protection and provide for the safe and efficient delivery of oil and natural gas to market.
For the 36 hours ending at noon on Monday, the field produced over 100 barrels of oil from only 9 wells.
?As with any project of this scope and duration, the new equipment and pipelines we have installed require some tweaking after they are turned on,? reports UPDA Vice President Chris McCauley. ?Although we have brought more than 20 wells online, we discovered some minor electrical upgrades that are required. Pending completion of these upgrades, less than half of the wells were producing the past two days yet the field still generated over 100 barrels of oil.? An electrician began work Monday morning to re-wire all of the pumping units and 3 were completed by the end of the day. Each well will be returned to full production as soon as their electrical connections are upgraded.
?Even with the relatively few number of wells that were being pumped over the weekend, I have been told that, in addition to over 100 barrels of oil, we also sold more than 120 mcf gas in one day,? concluded McCauley. "This number was limited by the fact that the compressor required constant monitoring while it was being adjusted. With the current spot price of gas over $7.00/mcf, we are encouraged by this early production from wells that previously produced almost no gas and we are optimistic that the numbers will increase significantly once the adjustments are completed and the remaining wells are turned to production.? In other news, Kamal Abdallah, Chairman and CEO of UPDA will be interviewed at 3 PM today as part of the feature of UPDA in Wall Street Reporter Magazine. To hear the interview, log on to www.wallstreetreporter.com.
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) 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.
As production is reestablished at Universal Property Development and Acquisition Corporation (OTCBB:UPDA) subsidiary's, Catlin Oil and Gas Field in Jack County, Texas, field service crews continue to test and adjust the on-site equipment in order to maximize production, ensure environmental protection and provide for the safe and efficient delivery of oil and natural gas to market.
For the 36 hours ending at noon on Monday, the field produced over 100 barrels of oil from only 9 wells.
"As with any project of this scope and duration, the new equipment and pipelines we have installed require some tweaking after they are turned on," reports UPDA Vice President Chris McCauley. "Although we have brought more than 20 wells online, we discovered some minor electrical upgrades that are required. Pending completion of these upgrades, less than half of the wells were producing the past two days yet the field still generated over 100 barrels of oil."
An electrician began work Monday morning to re-wire all of the pumping units and 3 were completed by the end of the day. Each well will be returned to full production as soon as their electrical connections are upgraded.
"Even with the relatively few number of wells that were being pumped over the weekend, I have been told that, in addition to over 100 barrels of oil, we also sold more than 120 mcf gas in one day," concluded McCauley. "This number was limited by the fact that the compressor required constant monitoring while it was being adjusted.
With the current spot price of gas over $7.00/mcf, we are encouraged by this early production from wells that previously produced almost no gas and we are optimistic that the numbers will increase significantly once the adjustments are completed and the remaining wells are turned to production."
In other news, Kamal Abdallah, Chairman and CEO of UPDA will be interviewed at 3 PM today as part of the feature of UPDA in Wall Street Reporter Magazine. To hear the interview, log on to www.wallstreetreporter.com.
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) 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.
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