Universal Energy Posts Q2 Profit

Universal Energy, engaged in the acquisition and development of crude oil and natural gas leases, has reported a net income of $2.9 million, or $0.09 per basic share, for the second quarter of fiscal 2008, compared to a net loss of $2.03 million, or $0.07 per basic and diluted share, for the same period of fiscal 2007.

For the six months ended June 30, 2008, Universal Energy reported a net income of $3.55 million, or $0.11 per basic share, $0.01 per diluted share, compared to a net loss of $2.7 million, or $0.10 per basic and diluted share, for the same period of fiscal 2007.

Revenue for the second quarter of fiscal 2008 totaled $0.33 million which was derived from producing wells in the company’s Lake Campo and Amberjack prospects.

Dyron Watford, chairman and CEO of Universal Energy, said: “Exceeding the high end of our revenue guidance for the quarter by 11% is fantastic. As we continue to increase revenues with production in the third quarter from Caviar-1 and Caviar-4, the financial picture for Universal Energy becomes more solid with each day of production.”