18 Januar 2007 08:08 AM Mitteleuropa
UPDA Subsidiary West Oil & Gas, Inc. To Acquire Producing Natural Gas Leases in Palo Pinto County, Texas – Masaood Group Commits Additional Funding
DALLAS--(BUSINESS WIRE)--With its Canyon Creek and Catlin subsidiaries continuing their successful operations in Texas, Universal Property Development and Acquisition Corporation (OTCBB:UPDA) has designated its West Oil & Gas, Inc. subsidiary, a joint venture with the Masaood Group (www.masaood.com), to undertake a new acquisition in Palo Pinto County.
West Oil is presently completing its due diligence on this acquisition which is scheduled to close in February for a purchase price of approximately $4.5 million.
The property consists of 600 acres with 13 wells, 10 of which produced approximately 960 mcfg/d in December, 2006, generating over $200,000.00 in monthly revenue. The remaining 3 wells will be reworked or recompleted upon close of the transaction resulting in the further increase of these production and revenue figures.
The wells are currently being produced from the Strawn and Conglomerate formations at depths ranging from 400-3100 feet. Seven of the wells have about 150 feet of Barnett Shale behind pipe. West expects to substantially increase the production from the property within a short time after completion of the acquisition by bringing the shut in wells online and by commencing production from the Barnett Shale.
“We are very excited to finally activate this joint venture with UPDA,” said Masaood spokesman Rene Kronvold, also a Vice President of West. “For many months, we have been watching the great successes of the other UPDA subsidiaries with much anticipation. The present production from these leases coupled with the likely production increases from the additional wells and formations makes us most confident that this investment will reap impressive returns.”
“We appreciate the confidence that the Masaood Group has shown in UPDA,” reports UPDA Vice President Chris McCauley. “They have been anxious to get to work with us and we look forward to a long and mutually profitable relationship. We have been closely monitoring the growing demand for natural gas in the United States and see that it is now reaching record levels. This transaction greatly expands UPDA’s holdings in another energy resource with great potential and in which we intend to grow our business. We expect this acquisition to be the first of many both with Masaood as well as producing large amounts of natural gas.”
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.
For additional information visit: www.universalpropertydevelopment.com.
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.
|
