UPDA Subsidiary Prepares for Inspection of Brownsville Storage Facility by Shell Chemicals - Details of Initial Deliveries Under Final Review
WEDNESDAY, MARCH 14, 2007 06:29 AM
BROWNSVILLE, Texas, Mar 14, 2007 (BUSINESS WIRE) -- US Petroleum Depot, Inc., a subsidiary of Universal Property Development and Acquisition Corporation (OTCBB:UPDA)(FWB:UP1)(BCN:UP1)(GER:UP1)(MUN:UP1)(STU:UP1), has been informed by Shell Chemicals, a division of Shell Oil (NYSE: RDS.A, RDS.B) (www.shellchemicals.com) that Shell will perform an inspection of the storage facilities and light crude inventory by the end of this week in anticipation of the commencement of deliveries of the product being stockpiled in Brownsville, Texas.
With final regulatory approval in hand and price and transportation costs under final review, the initial 40,000 barrel barge is expected to arrive so that deliveries under US Petroleum Depot\'s contract with Western Refining (NYSE: WNR) (www.westernrefining.com) may begin without delay.
"Our inventories continue to expand and, despite the short supply of available barges, it is our understanding that Shell intends to inspect the facilities this week so that we can make a delivery on the next available 40,000 barrel barge," reports Agustin Soto of US Petroleum Depots. "We have upgraded all of the pumps and pipelines and the facility is operating at peak efficiency. We look forward to completion of this inspection and moving forward with the next phase of the project which will result in significant ongoing profits on each sale."
About UPDA
Universal Property Development and Acquisition Corporation (OTC BB: UPDA) 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.
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.
SOURCE: Universal Property Development and Acquisition Corporation
Universal Property Development and Acquisition
Corporation
Jack Baker (Investor Relations), 561-630-2977
info@updac.com
Copyright Business Wire 2007
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