Press Release Source: Universal Property Development and Acquisition Corporation
UPDA Signs Letter of Intent to Purchase 800 Acre Field in Brown County - Ambient Wells Services Subsidiary Completes Assessment of Wells in Coleman County - Prepares to Commence Additional Work to Stimulate Production
Tuesday February 20, 10:55 am ET
DALLAS--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News; FWB:UP1)(BCN:UP1)(GER:UP1)(MUN:UP1)(STU:UP1) has signed a Letter of Intent to acquire 3 oil and gas leases in Brown County, Texas from an independent producer in the area.
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The 3 leases, known as the Bowen, the Wilson and the Hampton, consist of approximately 800 acres with 12 wells, 4 of which are currently in production. The properties are less than 20 miles away from the East Hagler and Hagler Capps Lime Fields owned by UPDA's Canyon Creek subsidiary and which have been the subject of a recent site assessment to determine appropriate production stimulation methods that should be applied by UPDA's Ambient Wells Services subsidiary.
Pursuant to the Letter of Intent which provides a closing date of April 15, UPDA will acquire 100% of the working interest in these properties and 80% of the net revenue interest.
Ambient has now completed this site assessment and has delivered to UPDA Operators its recommendations of work necessary to further stimulate production from these oil and gas wells in Coleman County, Texas.
With 8 of the Coleman wells presently generating oil and gas, Ambient will soon complete its work on 2 of the remaining production wells then prepare to apply stimulation technology to the other wells in order to increase production. It has been recommended that each of the wells would respond to further acid treatment and that repair to the pumping units and storage equipment will also enhance results.
Ambient has been directed to initiate this work immediately.
Once this work is completed, it is anticipated that the Brown County acquisition will have closed and Ambient will immediately begin work on the 8 wells in Brown County that are not producing in addition to making recommendations of site locations appropriate for the drilling of new wells on those leases.
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 (Investor Relations), 561-630-2977
info@updac.com
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