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JUNO BEACH, Fla., Sep 27, 2006 (BUSINESS WIRE) --
With its workover project on the Catlin Oil and Gas Field progressing rapidly and the plans for its Canyon Creek Oil and Gas Fields about to be completed under the direction of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) subsidiary, Ambient Wells Services, Inc., the management of UPDA has again turned its attention to additional acquisitions. As a result, UPDA has recently submitted 2 separate letters of intent to acquire significant oil and gas properties and other related service businesses with operations in Texas, Wyoming, Utah and several other states.
"Consistent with our business model, we intend to aggressively pursue a growth strategy through acquisitions," said Chris McCauley, UPDA Vice President. "We had delayed that growth while we concentrated on straightening out the operational side of the business. With the success of Ambient, we are now ready to return to that work."
Although the details of the transactions are at this time confidential, UPDA can confirm that one project involves a large coal bed natural gas producer and the other is an oil and gas field near its current properties in North Texas with wells producing from the Barnett Shale. Both include current production with opportunities for significant growth. With the successful completion of appropriate due diligence, each should close before the end of the year.
The progress of these potential acquisitions will be reported by UPDA as it continues to update its website at: www.universalpropertydevelopment.com