HOUSTON, Sept. 26, 2005 (PRIMEZONE) -- Canyon Creek Oil & Gas Inc. (A Joint Venture Company between Universal Property Development and Acquisition Corporation (OTCBB:UPDA) and USProduction & Exploration, LLC (USPX), a privately held Company) has selected Sunoco (NYSE:SUN) to gather and purchase the oil produced from Canyon Creek's wells in the Fort Worth basin in North Central Texas. Sunoco has agreed to pay a one dollar bonus over the posted price for West Texas Intermediate crude. In its agreement with Sunoco, Canyon Creek has specifically listed all of its properties located in Coleman, Palo Pinto, and Archer Counties.
Canyon Creek has also reserved the right and option to renegotiate the price or change the purchaser every 30 days as it deems necessary. This allows Canyon Creek the flexibility to market its oil on a competitive basis.
Under this agreement with Sunoco, Canyon Creek will sell several barrels of oil before the month's end.
Canyon Creek is also reviewing a gas purchase contract to market casinghead gas at its Hagler leases in Coleman County. It is expected this gas purchase contact will be executed by September 28.
Neither Canyon Creek's well revitalization program nor its production of natural gas was effected by Hurricane Rita. Several additional wells are scheduled for inspection by the Texas Railroad Commission this week and should begin production in the near future.
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.
About Universal Property Development and Acquisition Corporation
Universal Property Development and Acquisition Corporation (OTCBB:UPDA) focuses on the acquisition and development of proven oil and gas reserves and other traditional and alternative energy opportunities through the creation of joint ventures with underfunded lease and technology owners.
About USPX
USProduction & Exploration, LLC, 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 depleted reservoirs and unconventional gas is innovative: it combines horizontal, 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 or expected, or described pursuant to similar expressions.