Universal Energy Corp. Nears Completion of Drilling Operations at Its East OMG Prospect
Posted on: Thursday, 20 December 2007, 12:00 CST
HOUSTON, Dec. 20 /PRNewswire-FirstCall/ -- Universal Energy Corp. (BULLETIN BOARD: UVSE) , an emerging domestic oil and gas exploration and production company, is pleased to provide the following update on its East OMG prospect. Drilling operations have reached a vertical depth of approximately 16,000 feet. Universal Energy anticipates that drilling operations will reach its planned total vertical depth of 16,500 feet on December 23, 2007.
Universal Energy Corp acquired its 17.5 percent working interest in the East OMG Prospect in August 2007. Drilling began on the prospect on October 23, 2007 and drilling operations have continued successfully at the prospect since then. "Six weeks between the acquisition of this prospect and the start of drilling is a great example of our efficient business model and the subsequent execution of such," commented Billy Raley, CEO of Universal Energy Corp.
"The financial impact of East OMG is what we have all been waiting for since its acquisition in August," commented Dyron Watford, CFO of Universal Energy Corp. Well log analysis was performed to a depth of approximately 13,500 feet, prior to drilling to the main objectives, and shows a pay zone in one of the secondary objectives of the prospect.
About East OMG
The main objective sandstones, Camerina and Miogyp, which comprise the East OMG prospect, have potential reserves in excess of 59 Billion Cubic Feet Equivalent of gas valued at approximately $416,000,000. Universal Energy Corp. holds a 17.5 percent working interest in this prospect.
About Universal Energy Corp. - Universal Energy Corp. is an energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States and Canada. 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 Alberta, Canada, Louisiana and Texas. Visit http://www.universalenergycorp.info/ for more details.
Forward Looking Statements - The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
CONTACT: Universal Energy Corp. Billy Raley, CEO, (800) 975-2076 braley@universalenergycorp.info
Universal Energy Corp.
CONTACT: Billy Raley, CEO, Universal Energy Corp., +1-800-975-2076,braley@universalenergycorp.info
Web site: http://www.universalenergycorp.info/
Source: PRNewswire-FirstCall
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