Universal Energy Corp. Provides Drilling Update #2 on Lone Oak Prospect in Galveston Bay, Texas
Universal Energy Corp., announced today that drilling at its Lone Oak prospect in Texas is progressing. The proprietary 3-D seismic with the corresponding subsurface well control provides excellent objectives for this drilling program. “We are pleased with the progress of the well,” commented Billy Raley, Chief Executive Officer of Universal Energy Corp. Raley continued, “Our success in this industry is tied to the drill bit. We are excited and believe that Lone Oak will be the fifth producing well for Universal Energy Corp. and its stockholders in 2008.”
Drilling operations began on June 5, 2008 to target multiple primary objectives in the Frio-Vicksburg trend. Currently, drilling continues at a measured depth of approximately 4,000 feet. The total depth of the well is planned to be 12,615 feet. Surface casing installation to 2,655 feet has been installed along with blow out preventers.
Dyron Watford, CFO of Universal Energy Corp. stated, “Lone Oak could provide substantial upside for the previously released revenue guidance of our four producing wells.”
Universal Energy Corp. is a publicly traded (OTCBB: UVSE) 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. Our prospect areas consist of lands in Louisiana and Texas. Visit www.universalenergycorp.info for more details.
CONTACT: Universal Energy Corp. Billy Raley, CEO, (800) 975-2076
Source: Universal Energy Corp.