Universal Energy Corp. Provides Drilling Update #5 for Lone Oak Prospectadmin
Universal Energy Corp., announced an update on drilling operations at its Lone Oak prospect in Galveston Bay, Texas. Installation of 7 5/8″ intermediate casing is now complete to a total measured depth of 11,470 feet. Drilling will commence later in the week to the target measured depth of 12,615 feet.
Billy Raley, Chief Executive Officer of Universal Energy Corp. stated, “During the drilling of the remaining 1,200 feet or so, we are targeting the same Vicksburg sandstone reserves responsible for producing 4 trillion cubic feet of gas and 4 billion barrels of oil in this area since 1900. Results from Lone Oak are not included in our current revenue guidance of $0.25 million to $0.3 million and $0.8 million to $0.9 million, for the second and third quarters of 2008, respectively.” Raley concluded, “Positive results from Lone Oak will provide continued revenue growth for the fourth quarter 2008 and fiscal 2009.”
Universal Energy Corp. is a publicly traded (OTC Bulletin Board: 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.