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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

Posted on: Thursday, 29 December 2005, 09:00 CST

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.

Source: Business Wire

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