Geile News bei UPDA""Crude Oil Production From Single Canyon Creek Well Increases to - 500 Beiträge pro Seite

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Crude Oil Production From Single Canyon Creek Well Increases to 1000 Barrels -- Results From Well Revitalization Program Continue to Exceed Expectations

HOUSTON--(Business Wire)--Dec. 29, 2005--
Canyon Creek Oil & Gas Inc. (CCOG) (a joint venture of
Universal Property Development and Acquisition Corporation
(OTCBB:UPDA) and USProduction & Exploration, LLC. (USPX), a privately
held Company) continues to increase its production of crude oil from
the Archer County Regular Field. Production hit another high today as
the #1 Block Estate Well continues to increase its daily output of
crude oil.
Canyon Creek initially pumped its #1 Block Estate at a rate of 450
bopm. The company reported earlier this week that oil production from
the well had increased to 600 bopm. Production from this single well
has now jumped to 1000 bopm and Canyon Creek will continue to monitor
the well and report further increases.
Canyon Creek is currently producing 1,350 bopm from 1 of 8
producing wells at its Archer County Regular Field, 4 of 12 producing
wells at the Hagler Capps Lime Field and the wells in the South
Markley Field. Oil production from these three areas will continue to
show increases as Canyon Creek brings new wells into production and
commences its water flood procedures.
In addition, as previously reported, Canyon Creek recently moved a
rig to its #1 Roberts Unit well located in Inez Field, Victoria
County, Texas. This well, soon to be brought on line, when initially
completed, flowed at the rate of 80,000 mcfg/m and 2000 bopm according
to Railroad Commission of Texas production records.
Due to the tremendous amount of gas and pressure encountered at
the surface upon commencement of operations, the Company decided to
change over to 16.2 lb. mud to control the well. Operations are
currently underway to pull the tubing to make way to squeeze the 5"
casing. Petroleum Engineers International is providing a full-time
engineer to monitor the re-entry operations for Canyon Creek.

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.

About CCOG

Canyon Creek Oil & Gas Inc. was formed in July 2005 as a joint
venture corporation for the purpose of acquiring currently producing
oil and gas properties, low risk drilling prospects and existing wells
in need of state-of-the-art technology to improve profitability.
Canyon Creek Oil and Gas Inc. now has over 60 wells located on more
than 2,000 acres in the Fort Worth basin. The Company has also
acquired properties located in Inez Field in Victoria County and
Giddings Gas Field in Fayette County, Texas. Canyon Creek continues a
revitalization program on all of its properties in order to improve
production and bring more wells on line.

About USPX

USProduction & Exploration, LLC, an independent production and
exploration company located in Sugar Land, Texas, is engaged in the
acquisition of oil and gas producing properties with multiple
enhancement opportunities. USPX seeks high quality exploration
drilling projects in conventional and unconventional reservoirs. The
Company`s approach to developing depleted reservoirs and
unconventional gas is innovative: it combines horizontal,
multilateral, with under balanced drilling methods.

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.

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

Copyright Business Wire 2005

Topics..: CRU ENQ NEWR PROD US LEN
Products: BSW CNR

(Data sourced from Reuters)

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