Texas Energy, Inc. Completes Largest Acquisition To Date - Increases Well Portfolio from 17 to 81 And Acquires Promising Barnett Shale Prospect.

GRAHAM, Texas -- On Friday, June 2, 2006, Universal Property Development and Acquisition Corporation (OTCBB:UPDA) subsidiary, Texas Energy, Inc., closed on its acquisition of the Catlin Oil and Gas Field in Jack County, Texas.

By closing this acquisition, UPDA has completed its largest acquisition to date. The property consists of more than 30 leases covering approximately 2700 acres containing 64 producing wells. It is also in close proximity to many wells generating prolific quantities of natural gas from the Barnett Shale.

As previously reported, Texas Energy assumed control of the property on May 1 and began the process of rejuvenating the field which had fallen into disrepair since the death of the founder of Catlin Oil about three years ago. Since assuming control, Texas Energy has returned several wells to production and now has 40 wells on line.

All of the wells on the WA & WB Beggs have been brought on line, as well as the Swan lease, the McAnear and one each on the Ruth, the Carney, the Dibrell, the Woods B and the Kinder. The injection wells on the Ana Kinder and the WB Beggs leases have been restored and the flow line on the WB Beggs has been repaired.

"We have also installed curbs around the tank battery," reported Texas Energy Field Superintendent, Steve Hall. "The Railroad Commission has already reinspected and signed off on the effort. Multiple curbs were installed on the WA & WB Beggs leases as well as a lot of brush clearing. The Kinder well was repaired and new belts were installed. Several new motors and wiring boxes as well as single phase converters were repaired and installed on most of the WA & WB Beggs wells."

Hall further indicated that, "We discovered a significant leak in the main line of our gathering system which, when repaired, should increase our gas production by at least one third. We will now inspect the entire 12 miles of pipeline and 70 mile gathering system on the property and may be able to realize further significant sales increases by repairing this system. This property may have been losing as much as half or more of its gas production through these leaks which we will be repairing around the clock."

"Finally, the repairs to the water tank truck will allow us to get more oil to sales and now that we are able to put the double pole pulling unit in the field, we should be able to step up the pace of our down-hole repairs."

In addition to the lease rights, pipeline, gathering system and equipment, Texas Energy has also completed the purchase of approximately 50 acres of surface rights, 35 of those acres attached to a house on the property and 15 acres involving the shop and equipment field.

"While the work we are performing on the existing wells should generate significant short term production, we are really most excited about the Barnett Shale prospect we have acquired in this deal," concluded Hall.

The progress of this acquisition 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 Barnett Shale

According to the American Association of Petroleum Geologists, over 1 trillion cubic feet of gas has already been produced by the Dallas Fort Worth area Barnett Shale play. Current well completions average 1.5 wells per day. The Barnett Shale produces more than 50% of all shale gas produced in the United States. Using a geology-based assessment methodology, the U.S. Geological Survey, in a survey now more than two years old, estimated a mean of 26.7 trillion cubic feet (TCF) of undiscovered natural gas, a mean of 98.5 million barrels of undiscovered oil, and a mean of 1.1 billion barrels of undiscovered natural gas liquids in the Bend Arch-Fort Worth Basin Province, which is far below what many geologists working in the area have estimated.

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.