Progress Continues on Catlin Oil and Gas Field -- UPDA Management Tours Site with Representatives of Landmark and Ambient
10/2/2006
JACKSBORO, Texas, Oct 02, 2006 (BUSINESS WIRE) --
Universal Property Development and Acquisition Corporation (OTCBB:UPDA) subsidiary, Ambient Wells Services, Inc., has been advised by Landmark 4, LLC that 2 more wells were completed last week and can now be turned to production in the Catlin Oil and Gas Field in Jack County, Texas. Landmark has also commenced the rebuilding of all of the separators in the field and laid over 26,000 feet of new natural gas pipeline in preparation for the reinstallation of the rebuilt compressors by the end of this week.
The top management of UPDA spent several hours in the field with Landmark\'s Steve Swain and Ambient\'s Gaby Damary this past Saturday, reviewing the progress and preparing for the additional work ahead.
"While I can not say we are surprised by the work that Landmark has completed, I would most definitely say we are impressed," said UPDA Vice President Chris McCauley. "The remediation of the injection facilities, where they have increased the storage capacity from 200 barrels to 600 barrels, installed all new tank batteries with overflow safeties and delivered 15 loads of topsoil, is a demonstration of what a professional oil well service company is able to accomplish. With the additional injection facilities Landmark will be installing, we will be able to produce the entire field without having to haul any water off the site. This should allow for increased production and significantly reduced operating expenses."
"Many of the wells we have reworked will be producing oil while we work to complete the natural gas pipeline," said Landmark\'s Swain. "Within the next week, we will have moved all of the new production tanks into place and installed one of the new high pressure natural gas compressors to turn the entire north side of the field to production. We expect to complete the remainder of the pipeline within 2 weeks and then we will begin working with Rockey to pick up the pace of the well workovers."
The progress of this project will be reported by UPDA as it continues to update its website at:
www.universalpropertydevelopment.com.About UPDA
Universal Property Development and Acquisition Corporation (OTCBB:UPDA) 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.
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: Universal Property Development and Acquisition Corporation
Universal Property Development and Acquisition Corporation Jack Baker, 561-630-2977 (Investor Relations) info@updac.com
Copyright Business Wire 2006
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