Universal Energy Resources, Inc. Updates Commercial Gas Find and Drilling Operationsadmin
Universal Energy Resources, Inc. (the “Company”) announced updated drilling operations through Thursday, March 01. 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.
* 2/28/07 Flaring gas, finished running 4 1/2″ casing. Flaring gas all night.
* 3/01/07 Continue flaring gas, cementing 4 1/2″ casing.
The Company anticipates starting to complete Adams 127 well 12 on Friday, March 02, 2007. The completion process should take approximately 2 weeks to bring the gas to market. Once perforated and fracing is completed we will publish the flow rates through various choke sizes. In addition, the second drill site pad has been completed and the drilling rig is moving to the new location to start our second well. It is anticipated that the rig will be driving conductor pipe on Monday, March 5th.
The Company is currently in negotiations with Grifco to “go public” and thereafter enter into a share exchange with the shareholders of Grifco 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.
For Universal Energy Resources, Inc.
Jim Dial, 936-788-5994
Source: Universal Energy Resources, Inc.