UPDA Catlin Subsidiary Set to Close on Acquisition of Oil and Gas Field in Palo Pinto County Texas - Current Production About 1000 mcfg/day
JACKSBORO, Texas--Catlin Oil and Gas, Inc., a subsidiary of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) (FWB:UP1) (BCN:UP1) (GER:UP1) (MUN:UP1) (STU:UP1) is preparing to complete the acquisition of several leases and more than 10 producing wells located in Palo Pinto County, Texas. These wells are currently producing natural gas at a rate approaching 1000 mcf/day. In addition, many of the wells have been drilled into the Barnett Shale and have shown to be productive from those levels.
This acquisition will include nearly 94% of the working interest in the wells and leases and over 72% of the net revenue interest.
"These wells made about 25,000 mcfg in June," reports UPDA Petroleum Engineer Brian Clancy. "That's over $182,000 in gross revenue at current prices. In addition, the logs and tests from the Barnett Shale zones are very promising and with the resources we have available from our Continental Fuels, Inc. (OTCBB: CFUL) (FWB: CIQB) subsidiary, we are in a very good position to handle the increased liquids that will be generated by producing from the Barnett Shale -- particularly in light of the significant increase in natural gas production we expect to realize from those zones."
The acquisition has a total purchase price of $4.6 million with UPDA contributing $800,000 in restricted common stock and $350,000 cash. The remainder of the cash portion of the price is being financed by Sheridan Asset Management, LLC of White Plains, New York in a conventional 3 year loan.
About UPDA
Universal Property Development and Acquisition Corporation www.universalpropertydevelopment.com focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the acquisition and incubation of under-funded energy ventures and cutting-edge technologies. Consistent with this business plan, UPDA has recently acquired majority ownership of two additional public companies, Heartland Oil and Gas Corp. (OTCBB:HTOG) (FWB:HOCA) www.heartlandoilandgas.net and Continental Fuels, Inc. www.continentalfuels.com, and established a private, wholly-owned subsidiary, Aztec Well Services, Inc., thereby expanding its asset base and significantly increasing its sources of potential revenue.
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.
Contacts
Universal Property Development and
Acquisition Corporation
Jack Baker (Investor Relations), 561-630-2977
info@updac.com
This acquisition will include nearly 94% of the working interest in the wells and leases and over 72% of the net revenue interest.
"These wells made about 25,000 mcfg in June," reports UPDA Petroleum Engineer Brian Clancy. "That's over $182,000 in gross revenue at current prices. In addition, the logs and tests from the Barnett Shale zones are very promising and with the resources we have available from our Continental Fuels, Inc. (OTCBB: CFUL) (FWB: CIQB) subsidiary, we are in a very good position to handle the increased liquids that will be generated by producing from the Barnett Shale -- particularly in light of the significant increase in natural gas production we expect to realize from those zones."
The acquisition has a total purchase price of $4.6 million with UPDA contributing $800,000 in restricted common stock and $350,000 cash. The remainder of the cash portion of the price is being financed by Sheridan Asset Management, LLC of White Plains, New York in a conventional 3 year loan.
About UPDA
Universal Property Development and Acquisition Corporation www.universalpropertydevelopment.com focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the acquisition and incubation of under-funded energy ventures and cutting-edge technologies. Consistent with this business plan, UPDA has recently acquired majority ownership of two additional public companies, Heartland Oil and Gas Corp. (OTCBB:HTOG) (FWB:HOCA) www.heartlandoilandgas.net and Continental Fuels, Inc. www.continentalfuels.com, and established a private, wholly-owned subsidiary, Aztec Well Services, Inc., thereby expanding its asset base and significantly increasing its sources of potential revenue.
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.
Contacts
Universal Property Development and
Acquisition Corporation
Jack Baker (Investor Relations), 561-630-2977
info@updac.com
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