VANCOUVER, British Columbia, Nov. 4, 2002 (PRIMEZONE) -- Universal Domains Incorporated (OTCBB:UDCCF) is pleased to announce that it has entered into an Agreement with Shamrock Oil and Gas Inc., of Gulfport Mississippi, to purchase a 50% working interest in five oil and gas properties in the South Eastern United States.
Each of these fields offer low risk opportunities at relatively shallow depths. These low cost prospects are estimated to contain approximately 50,000,000 barrels of oil in proven reservoirs.
The potential net revenue to Universal Domains is expected to be over $350,000,000 during the next fifteen years.
About Universal Domains Inc.
Universal Domains Inc. recently entered the oil and gas industry with an experienced partner/operator in order to take advantage of high oil prices and diversify its business interests for the purpose of continuing to increase shareholder value.
Universal Domains Inc. also owns VCL Communications Corp., a teleconferencing service company that provides voice conferencing, video conferencing and Web casting services via a sophisticated network. ViaCall has produced steadily increasing revenues in this highly lucrative industry.
This report contains forward-looking statements. These statements involve known and unknown risks, which may cause Universal Domains' actual results to differ materially from results expressed or implied by the forward-looking statements. These risks include such factors as the uncertain nature of the expected benefits from the acquisition of oil and gas properties, the pending nature of the reported acquisition transaction and the ability to complete the transaction, the volatility and level of oil and natural gas prices, production rates and reservoir replacement, reservoir estimates, drilling and operating risks, market conditions for the acquisition of oil and gas properties, competition, litigation, environmental matters, and the potential impact of government regulations. Although Universal Domains may from time to time voluntarily update its forward-looking statements, it disclaims any commitment to do so except as required by securities law.