Universal Energy Resources, Inc. Updates Commercial Gas Find and Drilling Operationsadmin
Universal Energy Resources, Inc. (the “Company”) announced today updated drilling operations through April 17th, 2007. The Company is a private venture formed by the principals of Grifco International, Inc. (Pink Sheets:GFCI – News) to take advantage of oil and gas production opportunities including 208 drill sites in Crockett County, Texas without risking and/or otherwise encumbering the assets of the public company.
The following is an update of the drilling operations at Adams 127 Well Number 12.
* 3/30/07 Perforated pay zones * 4/02/07 Ran 2 3/8″ tubing * 4/03/07 Finished running 2 3/8″ tubing * 4/05/07 Completed and fractured well using BJ Services, began flowing back well. * 4/06/07 Flowed back well * 4/08/07 Killed well, 1150 psi on casing and 750 psi on tubing * 4/09/07 1350 psi on casing and 1350 psi on tubing, rigged up water separator and transmission line to pipeline. * 4/10/07 Began producing natural gas, initial production rates are averaging 400 mcf/day * 4/11/07 Well slugging significant fluids with gas, reduced production rate to 150 mcf/day to allow well to give up fluid * 4/17/07 Well stopped giving up fluid increased production to 350 mcf/day
* 4/18/07 Ordered 4 point test to determine optimum production rates. This test will be conducted the week of 4/22/07.
Once testing is completed and management determines the optimum production rates, we will publish that data. To view photographs taken during the completion of Adams 127 well #12 please click http://www.photoshow.net/viewshow/ff3Pp4Ta.
The Company is currently in negotiations with Grifco to “go public” and thereafter it is the intention of Universal Energy Resources, Inc. to dividend out the assets via shares of Universal Energy Resources, Inc. to Grifco shareholders in consideration of utilizing management expertise and know how. Comprehensive engineering and reserve reports have been prepared on the 208 drill sites with further details to follow.
Certain statements in this release, and other written or oral statements made by the Company, including the use of the words “expect,” “anticipate,” “estimate,” “project,” “forecast,” “outlook,” “target,” “objective,” “plan,” “goal,” “pursue,” “on track,” and similar expressions, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of our products and services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management or increased government regulation.
Universal Energy Resources, Inc. Jim Dial, 936-788-5994
Source: Universal Energy Resources, Inc.