Press Release Source: Universal Property Development and Acquisition Corporation
Texas Energy, Inc. Assumes Control of 2700 Acre Barnett Shale Prospect in Jack County, Texas -- Catlin Field Includes 50 BO and 250 MCFG Daily Production and Increases Well Portfolio from 17 to 81
Monday May 1, 9:00 am ET
GRAHAM, Texas--(BUSINESS WIRE)--May 1, 2006--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) subsidiary, Texas Energy, Inc., assumes control today of more than 30 leases, covering approximately 2700 acres in Jack County, Texas.
ADVERTISEMENT
The property, known as the Catlin Oil and Gas Field, contains 64 wells which are currently producing approximately 50 BOPD and 250 MCFG. Texas Energy has enlisted a petroleum engineer to prepare an AFE for the work over of the wells. After the work over, it is anticipated that the production will significantly increase.
"The upside potential of this field is enormous. Because of the lack of maintenance performed on the wells over the past 3 years, many of them have been shut in for quite some time," reports Ty McDermett, of Texas Energy. As we add these 64 wells to the 17 that Texas Energy has already commenced the workover on, we expect our production numbers to be quite impressive."
As previously reported, this acquisition includes 12 miles of pipeline and a 70 mile gathering system that will be assumed by another UPDA subsidiary, Texas Energy Pipelines and Gathering Systems, Inc., and the equipment which is part of the acquisition will be transferred to UPDA Oilfield Services, Inc., another subsidiary.
"This acquisition demonstrates our commitment to continue to build shareholder value," said Steve Barrera, UPDA Texas Regional Manager. "The Barnett Shale prospect could expand our reserves exponentially. Through UPDA Oilfield Services, we will be able to reduce the costs and accelerate the pace of the workover and drilling projects on this property and all our other subsidiaries and through the acquisition and intended expansion of the pipeline and gathering system assets, we create another stream of revenue from our core operations."
An independent reserve analysis performed by Randy Moseley, Certified Petroleum Engineer, in November 2005, estimated that the property, from current production zones, contains reserves of approximately 2,500,000 mcfg and 400,000 barrels of oil. This analysis did not consider the production potential of the Barnett Shale prospect or other multiple pay zones of the property.
In addition to the lease rights, pipeline, gathering system and equipment, Texas Energy also takes control of approximately 50 acres of surface rights, 35 of those acres attached to a house on the property and 15 acres involving a machine shop and equipment field.
The progress of this acquisition 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
Bradford Moore, 561-630-2977 (Investor Relations)
info@updac.com
|
Thread abonnieren
ETF-Sparplan