(financialwire.net via COMTEX News Network) --
May 4, 2006 (FinancialWire) In a move to establish standardized analysis and procedures, Universal Property Development and Acquisition Corporation (OTCBB: UPDA) has incorporated a new company, UPDA Operators, Inc., to manage all of its well operations.
UPDA Operators will become authorized to operate over 150 wells that UPDA owns through its Texas subsidiaries, assuming all responsibility for the maintenance and pumping of the wells, management of the reporting and sales of the expanding production, posting of the necessary bonds with the Texas Railroad Commission, and providing of adequate insurance for the fields which it will operate.
"Over the past three months, we have more than doubled the number of wells we control through our growing network of subsidiaries," said Chris McCauley, vice president of UPDA. "Our production, in BOE terms, is almost double the existing and we saw the need to provide the operational infrastructure for all our current and future JVs. By operating our own wells, we will apply consistent, professional methodologies, control costs and maximize production."
Complimentary to the operating company, UPDA is also in the process of forming an oil services subsidiary utilizing the property acquired in the Catlin lease acquisition which included rigs, pulling units, dozers, graders and other valuable equipment. The well services company will be managed by experienced, competent oil and gas professionals and is expected to provide services previously subcontracted to unaffiliated consultants.
"This well services company will give us even greater cost control and, more importantly, allow us to complete workovers efficiently and properly without the delay or disinterest of third party equipment and crews,"explained McCauley. "We expect to bring many more wells online in the very near future now that we have our own well services equipment.
"Texas Energy has almost 40 shut-in wells in the Catlin Field alone that we expect to workover and the more than 20 wells that are producing there could be improved with some simple maintenance and repairs. With this new subsidiary, we can begin that work immediately and complete it without delay. This does not even account for the Barnett Shale drilling program we expect to commence."
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Coverage on the company was irrevocably terminated on January 9, 2006, after the company issued a press release that misled investors about its role in a report issued by Investrend Research analyst Daniel Capo, CFA, in which he downgraded the company from a "No Rating/3" to a "Suspended/1." Investrend Research will not provide further research to the company as long as present management and key institutions are associated with it. Coverage was initiated with the company on November 16, 2005.
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