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UPDA Subsidiary West Oil & Gas, Inc. Reports Preliminary Production Information; Work-Over Project Continues in Utah

SALT LAKE CITY, Oct 24, 2005 (BUSINESS WIRE) -- The management of Universal Property Development and Acquisition Corporation (OTCBB: UPDA) and Dark Horse Exploration, Inc. recently met in Salt Lake City, Utah, in order to review preliminary production reports and the progress of the well revitalization project undertaken by West Oil & Gas, Inc., the joint venture they have recently established with Masaood Group, USA.
The preliminary reports indicate that West is producing over 4,500 mcfg per day from three of its six wells. Since the beginning of October, over 34 million cubic feet of gas (34,000 mcf) has been registered on the sales meter at the Dirty Devil Tap.

West has completed the work-over of two of its wells. On the DD 11-29, West has performed secondary stimulation procedures and installed a new separator and down-hole pump. This well has now been in production for approximately one week, producing about 1.5 million cubic feet of natural gas per day.

As previously reported, the DD 1-18 was the first well which was stimulated. It has also had its separator repaired and has been in production for 10 days this month at the approximate rate of 3.0 million cubic feet gas per day of production.

The natural gas pipeline to the DD 23-20 was recently repaired and a work-over rig will be brought to the site this week. After work is complete on 23-20, the rig will be moved to the DD 23-17. These wells will be re-completed to the Mesaverde payzone from the Wasatch. It is expected that both of these wells will be in production by or before early November.

According to Byron "Woody" Woodard, "the 23-20 and 23-17 should produce at least as much natural gas as the 1-18 once they are re-completed. The 23-20 should not even need a compressor. The pressure generated from the well will be sufficient to pass the gas through the sales meter without additional compression."

The DD 41-9 is also in production making gas and oil although it will be the last on which work-over procedures will be performed. Prior to that time, considerable work will be performed on the DD 31-15 in order to connect it to the gathering system and ready it for production.

West transports its gas through its own gathering system and generates additional revenue by transporting other producers` gas through its gathering system to the Dirty Devil Tap on the Questar Pipeline. Prices for the natural gas, which is sold through the Wasatch Gathering System, are set by the Questar Index. Recent prices on the Questar Index have ranged from $8.00 to $10.00 per mcf.

About UPDA

Universal Property Development and Acquisition Corporation (OTCBB: UPDA) focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the creation of joint ventures with under-funded owners of mineral leases and cutting-edge technologies. For additional information visit: www.universalpropertydevelopment.com.

Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.

SOURCE: West Oil & Gas, Inc.


CONTACT: Peter Nasca Associates, Inc. (for Universal Property Development and Acquisition Corporation) Peter Nasca, 305-937-1711 [e-mail]


Copyright Business Wire 2005



KEYWORD: United States

[Tornado 34]

Tuesday , October 25, 2005 08:23 ET

JUNO BEACH, Fla., Oct 25, 2005 (BUSINESS WIRE) --The management of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) has completed the refinement of its business model in order to focus on oil and natural gas development and finalized its strategic planning and revenue forecasting for Canyon Creek Oil and Gas, Inc., its Texas subsidiary, and West Oil and Gas, Inc., its subsidiary in Utah.

After meeting with the management of those subsidiaries over the course of the past month, UPDA is prepared to project the subsidiaries will generate gross revenues approaching or exceeding $5 million per month by the end of the 4th Quarter of 2005(a).

Since July, Canyon Creek, a joint venture with USProduction and Exploration, LLC. (USPX), has acquired seven oil and gas fields totalling over 3200 acres. It is performing a revitalization project in 5 of the fields and will have wells in each field in production this quarter. Conservative production estimates for the wells that will be brought on line this quarter indicate that Canyon Creek will produce approximately 100,000 mcf of natural gas(a) and more than 4250 barrels of oil per month(a).

Conservatively assuming gas prices of $10.00/mcf and oil prices of $60.00/barrel, Canyon Creek will be generating nearly $1.4 million per month of gross revenue(a). UPDA has recently agreed to increase its stake in Canyon Creek to 65%.

In October, UPDA entered into a joint venture with Dark Horse Exploration, Inc. and Masaood Group, USA and established West Oil & Gas, Inc. in order to develop the 4000 acre Dirty Devil Gas Field in Uintah County, Utah. Two wells are presently generating about 4500 mcfg per day. Three additional wells will be brought on line during this quarter, increasing conservative production estimates to nearly 320,000 mcfg per month(a). Should natural gas prices continue to increase as anticipated, West will generate as much as $3.5 million per month or more by the end of the 4th quarter(a). UPDA owns 60% of West.

The chart below details these production estimates.

CANYON CREEK OIL & GAS, INC.

Lease Acreage Wells Producing Oil Natural Gas
In 4th Quarter Production(a) Production(a)

Coleman (Hagler) 915 12 900bopm 1,800mcfgm

Archer County 960 14 1,200

Palo Pinto 614 10 360 1,500

Inez 243 1 1,950 78,000

Fayette
(Giddings) 80 1 300 9,000

Prideaux 40 1 60 6,000

Boyle Field 369 4 450

WEST OIL & GAS, INC.

DD 11-29 45,000

DD 1-18 90,000

DD 23-20 90,000

DD 23-17 90,000

DD 41-19 1,800

The Dirty Devil Wells will generate nominal amounts of oil which have not been projected.

(a) Based on partial production and/or historical results.

About UPDA

Universal Property Development and Acquisition Corporation (OTCBB:UPDA) focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the creation of joint ventures with under-funded owners of mineral leases and cutting-edge technologies. For additional information visit: www.universalpropertydevelopment.com.

Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.

SOURCE: Universal Property Development and Acquisition Corporation (UPDA)

Peter Nasca Associates, Inc. (for Universal Property
Development and Acquisition Corporation)
Peter Nasca, 305-937-1711
[e-mail]

Copyright Business Wire 2005