keithsan
03-13-2006, 09:00 AM
GRAHAM, Texas--(BUSINESS WIRE)--March 13, 2006--
Universal Property Development and Acquisition
Corporation (OTCBB:UPDA) has established Texas Energy, Inc., a Nevada
corporation, to formalize its new joint venture with Sundial
Resources, Inc. of Graham, Texas. UPDA will control 75% of this new
subsidiary.
Sundial has finalized the assignment of a total of 5 leases to
Texas Energy and phase one of its plan to work-over 7 wells located on
its 480 acre Thresher-Medlin leasehold in Young County, Texas has been
initiated.
Texas Energy has mobilized a roustabout crew to survey the
properties prior to moving in a work over rig owned by Sundial. The
roustabout crew will first utilize road building equipment to make
ready the roads for the heavy oil field equipment.
In the first phase of the project, Texas Energy will pull the
tubing from 3 of the wells and replace it with tubing drifted and
tested to 5000 pounds. In addition, new flow-lines will be installed
and the pumping units replaced. These wells, to be produced at depths
of 2200'-3800', have been shut in since 2001.
Texas Energy continues to produce the single 3200' well on its
Nantz lease and this week will replace the separator in order to
increase pumping time and oil and gas production.
In addition, three of the nine 1000'-1100' wells on the Texas
Energy Wiechman field will begin production this week.
"We continue to pursue aggressive strategies to build shareholder
value," said Chris McCauley, UPDA Vice President. "This latest joint
venture, consistent with our business model, will utilize funds
provided by UPDA in order to commence or increase production from
proven properties. Texas Energy has the additional advantage of lower
cost as a result of the equipment and expertise brought to the deal by
Sundial. We are confident these investments will generate justifying
revenues."
The production from these wells will be reported by UPDA as it
continues to update its website at:
www.universalpropertydevelopment.com.
Universal Property Development and Acquisition
Corporation (OTCBB:UPDA) has established Texas Energy, Inc., a Nevada
corporation, to formalize its new joint venture with Sundial
Resources, Inc. of Graham, Texas. UPDA will control 75% of this new
subsidiary.
Sundial has finalized the assignment of a total of 5 leases to
Texas Energy and phase one of its plan to work-over 7 wells located on
its 480 acre Thresher-Medlin leasehold in Young County, Texas has been
initiated.
Texas Energy has mobilized a roustabout crew to survey the
properties prior to moving in a work over rig owned by Sundial. The
roustabout crew will first utilize road building equipment to make
ready the roads for the heavy oil field equipment.
In the first phase of the project, Texas Energy will pull the
tubing from 3 of the wells and replace it with tubing drifted and
tested to 5000 pounds. In addition, new flow-lines will be installed
and the pumping units replaced. These wells, to be produced at depths
of 2200'-3800', have been shut in since 2001.
Texas Energy continues to produce the single 3200' well on its
Nantz lease and this week will replace the separator in order to
increase pumping time and oil and gas production.
In addition, three of the nine 1000'-1100' wells on the Texas
Energy Wiechman field will begin production this week.
"We continue to pursue aggressive strategies to build shareholder
value," said Chris McCauley, UPDA Vice President. "This latest joint
venture, consistent with our business model, will utilize funds
provided by UPDA in order to commence or increase production from
proven properties. Texas Energy has the additional advantage of lower
cost as a result of the equipment and expertise brought to the deal by
Sundial. We are confident these investments will generate justifying
revenues."
The production from these wells will be reported by UPDA as it
continues to update its website at:
www.universalpropertydevelopment.com.