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Universal Property Development and Acquisition Corporation
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Universal Property Development and Acquisition Corporation
0TCBB:UPDA
Average Volume: 4,280,049
52-Week High / Low: 13 / 0.015
Shares Outstanding: 23,775,000
Streetinvesting.com has commenced research on Universal Property Development and Acquisition Corporation(OTCBB:UPDA) despite what appeared to be a slow day in trading Friday, with just over 1 million shares being traded. In addition, the Company released news Thursday morning that one of its subsidiaries had entered into negotiations with Homeland Gas and Oil, Inc. for a well recompletion venture. Our research team is viewing the combination of these to events as a sign that investor sentiment could be at a highpoint. Subsequently, we will be taking a closer look at what this company might have to offer investors in the future.
Universal Property Development and Acquisition Corporation maintains a primary focus on the acquisition and development of proven oil and natural gas reserves. In addition, the Company is also interested in other energy opportunities through the creation of joint ventures with under-funded owners of mineral leases and cutting-edge technologies. Through these joint ventures, UPDA feels it is able to expand its portfolio of assets and broaden its base of knowledge and experience.
Thursday morning, West Oil & Gas, Inc., a subsidiary of Universal Property Development and Acquisition Corporation, announced that it had entered into negotiations with Homeland Gas and Oil, Inc. of Roosevelt, Utah. These negotiations were surrounding a well recompletion venture, which is slated to be undertaken in Uintah County, Utah.
This project will be similar to other successful efforts in the same township. And, it will include running new casing, well site refurbishment, logging, frac type stimulation and setting of a new Rotoflex Pumping Unit on the well known as the Ute 1-16 A1E.
Homeland Gas and Oil, Inc., or HGO has numerous opportunities for both recompletions and step out drilling in the Bluebell/Altamont area. Homeland's " Stock in Trade" is solid prospective properties that have been under utilized. As oil and gas prices have seemingly been on a continued rise lately, HGO feels these properties have become more and more attractive and desirable. This was solidified in a statement issued by Bob Ballou, Homeland Geologist, " This is an outstanding prospect with tremendous upside potential."
A mutually acceptable agreement for the venture will be entered into by all of the participants, including HGO and Landmark 4 LLC. An Area of Mutual Interest will be established and the venture will be managed and operated by HGO.
Once the agreement is signed by all of the participants, the project will be funded for the estimated total cost amount of $863,310.00 and the funds put in escrow. HGO will draw on AFE funds for actual costs associated with the project. HGO management duties will include; preparation of a detailed chronological prognosis and task list, as well as all sundry notices and notification to all State, Tribal and Federal entities. In addition HGO will be coordinating and preparing for the actual work being preformed. And, Setting up a COPAS approved accounting system for the project as determined by the operating agreement, and determining a mutually agreed to notification system to inform all partners of every facet of the daily work, subsequent production and day to day LOE costs.
Assuming the absence of any unforeseen weather problems, following the signing of the agreement preparations for the project should close within three weeks of Thursday. Then, the actual time from start of workover to establishing production is estimated to be 3-4 weeks in length.
Aside from this encouraging, recent news, we are especially interested in American and Canadian junior Oil and Gas prospects right now. Especially, after George Bush’s bold statements, which were outlined in our newsletter. After conducting phase one of our research, Streetinvesting.com has decided to look further into this company, and particularly the outlined works of its subsidiary, West Oil & Gas. Our research team feels that with the recent activity surrounding the Company, and the potential for future successes being created with the completion of this work, that Axia may be taking the appropriate measures for furthered success. In lieu of all this, we will continue to monitor this Company throughout the ensuing weeks and months in the hopes that investors can witness a reflection of this positive activity in its share price. And, as always, we will be passing on any subsequent, significant information or news we find to you, our members. |
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