UPDA Continues to Diversify Revenue Sources - US Petroleum Depot Subsidiary Prepares Petroleum Storage Facilities in South Texas
THURSDAY , DECEMBER 28, 2006 06:29 AM
BROWNSVILLE, Texas, Dec 28, 2006 (BUSINESS WIRE) -- US Petroleum Depot, Inc., a subsidiary of Universal Property Development and Acquisition Corporation (OTCBB:UPDA), has finalized the infrastructure design and is preparing to permit its petroleum storage facilities located in the Port of Brownsville, Texas and will soon launch the planned trading of petroleum condensate produced in Mexico by Petroleos Mexicanos (PEMEX) (www.pemex.com).
The storage facility has a capacity of 48,000 barrels, in a total of four tanks. The property is approximately five (5) acres, with ship channel access via two pipelines that measure 2000 feet each with an 8 inch diameter. This equipment will allow US Petroleum Depot to receive and to load barges of diverse capacities. The facility also includes a railroad spur to receive or load via rail cars with a capacity of up to 8000 barrels each and is prepared to do the same via truck.
US Petroleum Depot is preparing manifolds to accommodate the pumps required in order to receive shipments via truck transport and has contracted the firm of MWS CONSULTANTS of Brownsville, Texas to assist in the preparation of the proper documentation to be filed with regulators such as the United States Coast Guard, OSHA, EPA and others in order to obtain operational permits.
Agustin Soto, recently appointed COO of US Petroleum Depot, is organizing these efforts. Mr. Soto indicates that "three of the 4 tanks have been cleaned and the truck manifolds should be completed by early next week. Much of the remaining infrastructure is in place and all of the necessary equipment has been ordered."
Mr. Soto joins US Petroleum Depot after 26 years in the oil and gas industry in both the United States and Mexico.
UPDA Vice President, Chris McCauley, underscores this significance of UPDA\'s continuing diversification, stating, "While we continue to expand our existing production and explore the acquisition of additional oil and gas fields and other energy producers, this trading operation will supplement and diversify our revenue sources. It is another piece in our expansion plan as we continue to develop UPDA into a full service energy company."
The activity of US Petroleum Depot, Inc. 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.
SOURCE: US Petroleum Depot, Inc.
Universal Property Development and Acquisition
Corporation
Jack Baker (Investor Relations), 561-630-2977
info@updac.com
Copyright Business Wire 2006 |
Thread abonnieren
