JUNO BEACH, Fla., Sept. 22, 2005 (PRIMEZONE) -- Universal Property Development and Acquisition Corporation (OTCBB:UPDA) continues the successful implementation of its business model through the creation of joint ventures with oil and natural gas property owners and alternative energy technology holders. Its initial oil and gas subsidiary, Canyon Creek Oil & Gas, Inc., has commenced production and will soon report revenues. With this success, the UPDA board has determined that shareholder value will be best maximized by the aggressive pursuit of additional energy opportunities.
Through its Canyon Creek subsidiary, UPDA has acquired more than 60 wells and over $30 million in oil and gas reserves in the past two months and expects to complete well improvements and report revenues in excess of $1 million per month by the end of the year. "We are very pleased with the results of our joint venture with USPX," said Chris McCauley, UPDA spokesman. With the three producing oil and gas fields already acquired and the four additional, we expect in the next several weeks our Canyon Creek subsidiary will make us a real force in the Texas oil and gas market."
Consistent with its business plan, UPDA acts as a holding company providing funding and support for its joint venture subsidiaries. Each of those subsidiaries then independently executes its specific business plan including the plan to develop proven energy reserves that Canyon Creek is pursuing. "We could not be happier with the Canyon Creek management team," continued McCauley. "They are producing greater results in a shorter period of time than we ever could have anticipated. We expect our other subsidiaries to perform equally as well and we look forward to the continued expansion of the Canyon Creek asset."
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 has in excess of 60 wells located on over 2,000 acres in the Fort Worth basin in its expanding portfolio. The Company is also evaluating properties for Barnett Shale prospects.
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 or expected, or described pursuant to similar expressions.