29.12.2008 14:02 Continental Fuels, Heartland Oil and Gas, Universal Property Development Combine Operations, Reduce Costs
As they prepare for the new year and a new era of business development, Continental Fuels (News) (CNFU.PK), Heartland Oil and Gas (News) (HTOG.PK) and Universal Property Development (UPDV.PK) have combined their operations in order to reduce costs. As a result, Continental Fuels CEO Tim Brink has assumed control of the combined operation.
?We have analyzed the operation from top to bottom and eliminated duplication of effort particularly in upper management and accounting,? reports Brink, now the CEO of the entire group of companies. ?We continue to maintain sufficient personnel to operate all of the Heartland wells as well as at the Port of Brownsville and Geer Tank Trucks. In the current economy, particularly in light of the falling price of oil and gas, we have moved aggressively to protect and pursue our business model.?
With the cooperation and assistance of its main lender, Sheridan Asset Management, the restructuring will allow Heartland to continue to grow as UPDA's exploration and production arm and Continental Fuels, Inc. (www.continentalfuels.com) as its trading and marketing subsidiary. As a result, the new management expects to significantly expand shareholder value for the entire UPDA conglomerate.
Universal Property Development and Acquisition Corporation (News) www.universalpropertydevelopment.com is focused on identifying oil&gas companies with proven energy reserves and innovative alternative energy companies with proven 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.
04.02.2009 15:15 Universal Property Development Retains Investment Consultant to Raise Capital in Dubai - Prepares Extensive Drilling Program in Southeastern Kansas
Universal Property Development and Acquisition Corporation (News) (Pink Sheets:UPDV) has executed a consulting agreement designed to raise up to $85 million from investors in Dubai and the UAE in order to drill as many as 500 new wells along the natural gas pipeline and gathering system owned by Heartland Oil and Gas Corp. (Pink Sheets:HTOG) in Southeastern Kansas.
?This new drilling program will allow us to take advantage of the massive investment we?ve already made in Southeastern Kansas,? remarked Tim Brink, CEO of both Universal and Heartland as well as Continental Fuels Corp. (Pink Sheets:CNFU). ?We have more than 30 producing wells out there and many miles of pipeline along which we can drill over 100 wells without further expansion. Our new consultant indicates that they are experiencing great interest in this project from their clients in Dubai and the rest of the UAE and, as soon as we can complete the necessary paperwork, we are very confident of great results.?
The contemplated program involves equity investment into a new limited partnership for which Universal will serve as general partner. Once drilling is initiated, it is anticipated that 500 wells can be drilled, completed and connected within 3 years.
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.
Contacts:
Universal Property Development and Acquisition Corporation Jack Baker (Investor Relations), 561-630-2977 info@universalpropertydevelopment.com
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