Press Release Source: Universal Property Development and Acquisition Corporation
UPDA US Petroleum Depot Subsidiary Begins to Receive Condensate Deliveries in Brownsville
Wednesday February 14, 9:18 am ET
BROWNSVILLE, Texas--(BUSINESS WIRE)--On Tuesday, February 13, 2007, US Petroleum Depot, Inc., a subsidiary of Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News; FWB:UP1)(BCN:UP1)(GER:UP1)(MUN:UP1)(STU:UP1) initiated the receipt of condensate at its storage facility located in the Port of Brownsville, Texas.
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On Tuesday, 6 tank trucks delivered a total of 1200 barrels of condensate and on Wednesday, another 8 deliveries of 1600 barrels are scheduled. These deliveries will continue until the storage tanks contain at least 20,000 barrels to fill a barge in order that sales may begin on the negotiated sales contracts.
As previously reported, US Petroleum Depot (USPD) has developed an international source for large quantities of condensate and the prices negotiated establish significant margins.
"This program creates another significant revenue source for UPDA," confirms UPDA Vice President Chris McCauley. "And with the margins USPD has been able to negotiate, it will generate substantial positive cash flow. In conjunction with the trading and blending operations, USPD appears to have several impressive opportunities for profit and growth."
Having received final approval from the US Coast Guard allowing it to initiate shipments, US Petroleum Depot continues its work with MWS Consultants to bring the Brownsville facility into compliance with the requirements of the US Department of Homeland Security, the Environmental Protection Agency, the Occupational Safety and Health Administration and the Texas General Land Office. Once final regulatory approval is received, the UPDA subsidiary will increase the operations in Brownsville to full capacity.
UPDA's continued expansion, development and progress will be reported together with all well production at www.universalpropertydevelopment.com
About UPDA
Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the creation of joint ventures with under-funded owners of mineral leases and cutting-edge technologies.
About CONDENSATE
Condensate is composed of light hydrocarbons in the liquid state at normal temperature and pressure. Condensates are produced from liquid hydrocarbons which are separated when natural gas is treated, from liquid hydrocarbons recovered from non-associated gas, or from liquid hydrocarbons produced from gas condensate reservoirs. Condensate may be similar in appearance and content to light crude oil. The Railroad Commission of Texas defines condensate as "liquid hydrocarbons separated from gas production." www.rrc.state.tx.us/divisions/og/glossary.html. The US Department of Energy states "Those hydrocarbons in natural gas which are separated from the gas through the processes of absorption, condensation, adsorption, or other methods in gas processing or cycling plants. Generally such liquids consist of propane and heavier hydrocarbons and are commonly referred to as condensate, natural gasoline, or liquefied petroleum gases. Where hydrocarbon components lighter than propane are recovered as liquids, these components are included with natural gas liquids." www.eia.doe.gov/pub/oil_gas/natural_gas/data_publications/crude_oil_ natural_gas_reserves/historical/2004/pdf/glossary.pdf. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
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.
Contact:
Universal Property Development and Acquisition
Corporation
Jack Baker (Investor Relations), 561-630-2977
info@updac.com
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