Universal Property Development Subsidiary to Initiate Oil and Gas Production at its Palo Pinto County Regular Field
(EMAILWIRE.COM, October 04, 2005 ) HOUSTON, TEXAS -- Canyon Creek Oil & Gas Inc. (A Joint Venture of Universal Property Development and Acquisition Corporation (OTC BB:UPDA) and USProduction & Exploration, LLC, a privately held Company) has expanded its well revitalization program on a fast pace and will soon initiate oil and natural gas production at its Palo Pinto County Regular Field consisting of 614 acres with 28 wells completed in the Strawn formation in Northern Texas.
Canyon Creek has scheduled a field meeting this week with the Railroad Commission of Texas to perform the required testing on four of its permitted injector wells. Canyon Creek will then implement water flood procedures to recover a significant amount of oil remaining in place. Once the testing is completed, the Company can begin oil and natural gas production from the wells.
“Our plans include injecting about a thousand barrels of water per day to maximize the effects of water flooding”, says Canyon Creek President, Donald Orr. “We are excited about this field because of the number of producing wells and the relatively low lifting cost to produce the oil at 1,200 feet. Once the water flooding procedures take effect, we could exceed 1500 barrels of oil per month and 3,000 mcfgpm of casinghead gas.”
"Once these wells are brought on-line, it is projected that Canyon Creek will be selling nearly 5000 mcf of natural gas per month from only half of its current portfolio," added Chris McCauley, Universal Vice President. "This is in addition to the oil that will be sold to Sunoco at a dollar over their posted price. This revitalization program is well ahead of schedule and producing revenues far exceeding our original estimates."
Canyon Creek Oil & Gas Inc. was formed in July 2005 as a joint venture corporation for the purpose of acquiring currently producing oil and gas properties, low risk drilling prospects and existing wells in need of state-of-the-art technology to improve profitability. Canyon Creek Oil and Gas Inc. now has over 60 wells located on more than 2,000 acres in the Fort Worth basin with several more under consideration.
About Universal Property Development
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.
About USPX
USProduction & Exploration, LLC. (http://www.uspx.com), an independent production and exploration company located in Sugar Land, Texas, is engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities. USPX seeks high quality exploration drilling projects in conventional and unconventional reservoirs. The Company's approach to developing apparently depleted oil and unconventional natural gas reservoirs is innovative: it combines horizontal and multilateral with under balanced drilling methods.
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
(561) 868-2071
Canyon Creek has scheduled a field meeting this week with the Railroad Commission of Texas to perform the required testing on four of its permitted injector wells. Canyon Creek will then implement water flood procedures to recover a significant amount of oil remaining in place. Once the testing is completed, the Company can begin oil and natural gas production from the wells.
“Our plans include injecting about a thousand barrels of water per day to maximize the effects of water flooding”, says Canyon Creek President, Donald Orr. “We are excited about this field because of the number of producing wells and the relatively low lifting cost to produce the oil at 1,200 feet. Once the water flooding procedures take effect, we could exceed 1500 barrels of oil per month and 3,000 mcfgpm of casinghead gas.”
"Once these wells are brought on-line, it is projected that Canyon Creek will be selling nearly 5000 mcf of natural gas per month from only half of its current portfolio," added Chris McCauley, Universal Vice President. "This is in addition to the oil that will be sold to Sunoco at a dollar over their posted price. This revitalization program is well ahead of schedule and producing revenues far exceeding our original estimates."
Canyon Creek Oil & Gas Inc. was formed in July 2005 as a joint venture corporation for the purpose of acquiring currently producing oil and gas properties, low risk drilling prospects and existing wells in need of state-of-the-art technology to improve profitability. Canyon Creek Oil and Gas Inc. now has over 60 wells located on more than 2,000 acres in the Fort Worth basin with several more under consideration.
About Universal Property Development
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.
About USPX
USProduction & Exploration, LLC. (http://www.uspx.com), an independent production and exploration company located in Sugar Land, Texas, is engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities. USPX seeks high quality exploration drilling projects in conventional and unconventional reservoirs. The Company's approach to developing apparently depleted oil and unconventional natural gas reservoirs is innovative: it combines horizontal and multilateral with under balanced drilling methods.
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
(561) 868-2071
Contact Information:
Universal Property Development and Acqui
Chris McCauley
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Email us
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Universal Property Development and Acqui
Chris McCauley
Tel:
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
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