UPDA Negotiating with Leading Industry Partner to Manage & Improve Production Properties – Expected to Result in Increased ...
June 11 2009 - 7:05AM
Business Wire
Universal Property Development and Acquisition Corporation
(UPDV.PK) has entered negotiations with an experienced oil and gas
producer for the management and improvement of its oil and gas
production properties in Kansas and Texas. According to the initial
proposals between the parties, UPDA will retain all of its current
production while the new partner will undertake field improvements
and maintenance and share in the resulting increase in
production.
The proposed partnership will result in increased oil and gas
production, reduced expenses and state of the art maintenance and
technological improvements to UPDA�s production fields in Palo
Pinto and Jack County Texas and Miami County Kansas. The
partnership, which is expected to be implemented immediately upon
conclusion of negotiations, will provide the UPDA fields with
additional production personnel and capital improvements.
As UPDA management negotiates to improve and enhance production
from its existing oil and gas wells, it also continues to negotiate
with EOG Resources for a previously disclosed farm out transaction
that would result in a new Barnett Shale drilling program on UPDA�s
properties in North Texas. This new drilling program would also
result in additional revenues to UPDA with no additional cost or
expense. These transactions further demonstrate UPDA�s aggressive
action to restructure, increase revenues and reduce expenses in
order to build shareholder value.
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.
For more updates on this press release and other information
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