Universal Energy Corp. Provides Drilling Update #2 on Lone Oak Prospect in Galveston Bay, Texas
Posted on: Friday, 13 June 2008, 09:00 CDT
HOUSTON, June 13 /PRNewswire-FirstCall/ -- Universal Energy Corp. (BULLETIN BOARD: UVSE) , announced today that drilling at its Lone Oak prospect in Texas is progressing. The proprietary 3-D seismic with the corresponding subsurface well control provides excellent objectives for this drilling program. "We are pleased with the progress of the well," commented Billy Raley, Chief Executive Officer of Universal Energy Corp. Raley continued, "Our success in this industry is tied to the drill bit. We are excited and believe that Lone Oak will be the fifth producing well for Universal Energy Corp. and its stockholders in 2008."
Drilling operations began on June 5, 2008 to target multiple primary objectives in the Frio-Vicksburg trend. Currently, drilling continues at a measured depth of approximately 4,000 feet. The total depth of the well is planned to be 12,615 feet. Surface casing installation to 2,655 feet has been installed along with blow out preventers.
Dyron Watford, CFO of Universal Energy Corp. stated, "Lone Oak could provide substantial upside for the previously released revenue guidance of our four producing wells."
Universal Energy Corp. is a publicly traded (OTCBB: UVSE - News) 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 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 of Universal Energy Corp., +1-800-975-2076,braley@universalenergycorp.info
Web site: http://www.universalenergycorp.info/
Source: PRNewswire-FirstCall
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