Universal Energy Corp to Provide Update #7 for Lone Oak Prospect
Universal Energy Corp. is reported to have announced to the public that today the first test well at Lone Oak was not found to contain enough hydrocarbons for commercial production at this time. “Lone Oak #1 was the first of a four well package and we have already begun preparations to drill the second well,” commented Billy Raley, Chief Executive Officer of Universal Energy Corp. Raley continued, “The information gathered on the first test well will be instrumental in the drilling of the remaining three wells.”
Universal Energy Corp. CFO Dyron Watford commented, “While the results of this first test well is disappointing, our guidance for the second and third quarters of 2008 remains unchanged as it included only our current producing wells.” Universal Energy Corp. is a publicly traded energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States. We pursue oil and gas prospects in partnership with oil and gas companies with exploration, development and production expertise.
CONTACT: Universal Energy Corp. Billy Raley, CEO, (800) 975-2076
Source: Universal Energy Corp.