UPDA Canyon Creek Subsidiary Completes Testing of Palo Pinto Oil and Gas Field - Prepares to Commence Production
THURSDAY , DECEMBER 07, 2006 06:28 AM
DALLAS, Dec 07, 2006 (BUSINESS WIRE) -- Universal Property Development and Acquisition Corporation\'s (OTCBB: UPDA) Canyon Creek Oil and Gas, Inc. subsidiary completed the required testing in it Palo Pinto Regular Field and is prepared to commence production of those 25 oil and gas wells.
As reported on November 30, 2006, the Texas Rail Road Commission had scheduled an H5 test, which was conducted in conjunction with UPDA subsidiary Ambient Wells Services, Inc. on December 6, 2006. The tested wells were in compliance with mandated pressure parameters and were approved for production by the Rail Road Commission inspectors.
UPDA Operators will now prepare and file all necessary paperwork in order that the field may be turned to production. It will also sell over 250 barrels of oil that were produced when the wells were previously operating. "This sale is consistent with the significant results we expect these wells will generate," reports UPDA Vice President Chris McCauley. "The steady progress of the workover program continues. Ambient can now move on to the next field and get those wells ready to be turned on. Full production by the end of the year appears to be a very reasonable goal."
For timely updates of this progress, visit UPDA\'s website at: www.universalpropertydevelopment.com, which will report production from all of the wells as improvements to the site and the wells continue.
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.
SOURCE: Universal Property Development and Acquisition Corporation
Universal Property Development and Acquisition
Corporation
Jack Baker, 561-630-2977 (Investor Relations)
info@updac.com
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