Press Release Source: Universal Property Development and Acquisition Corporation
UPDA Ambient Wells Services Subsidiary Enters Agreement to Purchase 80% of VALA de Mexico - Approved Well Testing Vendor of Haliburton and PEMEX
Monday December 18, 6:28 am ET
DALLAS--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) subsidiary, Ambient Wells Services, Inc. has reached an agreement to acquire 80% of VALA de Mexico, a vendor approved by PEMEX (www.pemex.com) and Haliburton (NYSE: HAL - News) to provide well testing services in Mexico.
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Under the terms of the agreement, UPDA will provide $500,000.00 in order that VALA may acquire certain well testing equipment known as "well packages". With the acquisition of this equipment, VALA expects to negotiate agreements with both Haliburton and PEMEX to determine the best method to bring new wells into production.
"Once a well has been completed, this equipment will allow VALA to test the output in order to determine its quality and content and recommend the appropriate surface equipment necessary to properly produce the well," says Agustin Soto, President of VALA. "There are very few companies providing this service in Mexico and we are confident that we will be able to negotiate sizeable contracts with both Haliburton and PEMEX."
As a result of this acquisition, UPDA, through Ambient, will expand its well services division in order to generate additional revenues from sources other than oil and gas and protect against the potential volatility of price and production. It also furthers UPDA\'s plan to vertically expand its presence in the industry.
"We believe the expansion of our well services arm is a perfect complement to our existing business model," said UPDA Vice President Chris McCauley. "It allows UPDA to expand its presence both in the U.S. market and internationally. It also provides us with great flexibility for further vertical expansion within the industry."
UPDA\'s continued expansion will be reported together with all well production 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.
About PEMEX
Petroleos Mexicanos (PEMEX) is Mexico\'s state-owned, nationalized petroleum company. PEMEX not only fuels Mexico\'s automobile engines, the company also fuels the nation\'s economy, accounting for some one-third of the Mexican government\'s revenues and 7% of its export earnings. The integrated company\'s operations, spread throughout Mexico, range from exploration and production to refining and petrochemicals. PEMEX\'s P.M.I. Comercio Internacional subsidiary manages the company\'s trading operations outside the country. PEMEX has proved reserves of 16 billion barrels of oil and 14.8 trillion cu. ft. of natural gas.
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
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