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Canyon Creek Completes Work-Over of #2 Prideaux Well in Young County, Texas; Commences Production Of Oil and Natural Gas

Posted on: Wednesday, 7 December 2005, 09:00 CST

Canyon Creek Oil & Gas Inc. (a joint venture of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) and USProduction & Exploration, LLC. (USPX), a privately held company) has completed its work-over procedures in Markley South Field, Young County, Texas. Its Prideaux #2 well will now begin production of oil and natural gas. Actual production figures will be determined and announced early next week.

Canyon Creek used a PDX Well Servicing rig to pull the existing tubing from the #2 Prideaux and check for corrosion and integrity, install a new 2" x 1-1/4" x 10' down-hole pump and 190' of 3/4" sucker rods. The work-over rig tripped the new down-hole pump, rods and the tubing into the well to finalize the work-over process.

Roustabout crews completed connecting the flow lines to the wellhead and separating equipment. Canyon Creek delivered and installed a pumping unit to lift the oil from the casing.

TXU Energy installed electric power to the meter and local electricians connected the power source to the pumping unit. Max Smith, field supervisor for Canyon Creek, turned the #2 Prideaux to sales on December 6, 2005. Sunoco will purchase the oil and Dynegy Midstream Services is the named purchaser for the gas. The Company will monitor and report daily oil and gas sales to UPDA which provided the funds for the project.

The lease is located in the Markley South Field about 12 miles north of Graham, Texas. The No. 2 Prideaux located on the 40-acre lease was completed in February 1982 flowing 300 mcfgpd from the Marble Falls formation at 4,798'. It is estimated the reserves remaining total 548,000 mcfg. Following the installation of the pumping unit the company projects the #2 Prideaux should produce 250 mcfgpd.

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 underbalanced 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.

Source: Business Wire

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