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Canyon Creek Announces Increased Oil Production at Its Hagler Leases in Coleman County, Texas -- Progress Continues on Inez Field in Victoria County, Texas

Posted on: Monday, 27 February 2006, 09:00 CST

Canyon Creek Oil & Gas Inc. (A Joint Venture of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) and USProduction & Exploration, LLC, a privately held Company) has dramatically increased the oil production from its Hagler Capps Lime Field in Coleman County, Texas.

The company had previously reported the lease was producing 250 bopm from 4 wells. Recently the Company treated 5 wells, including the 4 in production, with hot oil and chemicals. As a result of this treatment, the production has increased to 750 bopm.

Work on the Hagler Leases continues with 2 additional wells ready to turn to sales. Inclement weather prevented the wells from being turned to sales last week but the Company expects the two wells will come on line by Tuesday, bringing the number of wells in production to 7. The Hagler Capps Lime Field is comprised of 2 leases totaling 915 acres and 16 wells.

Progress is also continuing on Canyon Creek's #1 Nelson Roberts Unit in Inez Field, located in Victoria County, Texas. The Company had perforated the Yegua "B" zone and encountered gas pressure exceeding 2000 psi at the surface. After flow testing the well, sand, concrete residue and perforating gun remnants formed a bridge over the perforations. The company moved in a work-over rig to remove the bridge with tubing and mills. The Company has been successful in removing 90% of the bridge and expectations for this well remain high despite this unforeseen delay. The work over rig remains on site, and work will continue until the well is ready for production.

The production from this well, as well as the production from all of its properties, will be reported by UPDA as it continues to update its website at www.universalpropertydevelopment.com.

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.

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.

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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