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.

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