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    Although the details of the transactions are at this time confidential, UPDA can confirm that one project involves a large coal bed natural gas producer and the other is an oil and gas field near its current properties in North Texas with wells producing from the Barnett Shale. Both include current production with opportunities for significant growth. With the successful completion of appropriate due diligence, each should close before the end of the year.

  2. #2
    AimeefRill Guest

    Default ANIK - anyone like?

    More news

    UPDA Letter of Intent for UPDA Acquisition in Wyoming to be Executed - Debt Financing Arrangements Underway
    Business Wire - September 28, 2006 6:29 AM (EDT)

    A Proposed Acquisition Generates Current Revenues Of $22 - $25 Million Per Year

    JUNO BEACH, Fla., Sep 28, 2006 (BUSINESS WIRE) -- With the anticipated receipt from the Seller of the executed letter of intent, Universal Property Development and Acquisition Corporation (OTCBB:UPDA) now has 60 days to complete the due diligence for its largest acquisition to date, an oil and gas field of approximately 20,000 acres with 220 producing wells and over $6 million of service equipment located mainly within the state of Wyoming. With this acquisition, UPDA will exponentially increase its acreage and reserve assets and generate additional annual revenues of $22 - $25 million.

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    "These leases combine a mixture of traditional oil and gas wells and shallow coal bed wells and are making substantial oil as well as 3000 - 4000 mcfg/day already," reports UPDA Vice President Chris McCauley. "The coal bed properties, where a typical well is about 1000 feet or less, provide an opportunity to begin drilling multiple wells per week as soon as the transaction is closed. With the service equipment and water transport and disposal assets being acquired in the deal, the coal bed methane production could be greatly increased very quickly. In addition, the service equipment will allow UPDA's well service subsidiary, Ambient, to significantly expand its operations."

    The transaction, valued at between $40 and $50 million, also involves substantial real estate assets including 2 office buildings, several warehouses, an equipment yard and vacant land.

  4. #4
    Aaronvup Guest

    Default

    More news out this morning geez i wish xing would put out news like these guys do. Oh well both great long term plays imo. Good luck------------------Press Release Source: Universal Property Development and Acquisition Corporation


    UPDA's Catlin Workover Project Continues Ahead of Schedule - Phase One to be Completed Within Days - Well Tests Establish Promising Production Projections
    Wednesday October 4, 6:28 am ET


    JACKSBORO, Texas--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) subsidiary Ambient Wells Services, Inc. has been advised by Landmark 4, LLC that the workover of the Catlin Oil and Gas Field in Jack County, Texas, continues ahead of schedule and that Phase One of the project should be completed within the next several days, resulting in the return to production of the north end of the field consisting of several leases, including the Boaz, Leach, Mathis, Matlock, WA Beggs and WB Beggs.
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