UPDA Increases Stake in Canyon Creek Subsidiary - Commits Additional Funds For Well Revitalization And Acquisition; Canyon Creek Reports On Production.

HOUSTON -- Representatives of 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) recently met with UPDA management at several of its oil and gas properties in Texas to discuss accomplishments, progress and future expectations. As a result of these discussions, UPDA has increased its stake in Canyon Creek and committed additional funding for the revitalization of the existing wells and leases acquired since July as well as for the acquisition of additional properties.

UPDA initially provided the funds to Canyon Creek for the revitalization of a 2,000 acre oil and gas field located in North Texas. Sixty wells are located on these leases. Canyon Creek is progressing forward with its plans to revitalize these wells to enhance the oil and gas production with funds provided by UPDA. Canyon Creek has concentrated its efforts in Archer County Regular Field, Hagler Capps Lime Field, and Palo Pinto County Regular Field.

Over 6 miles of roads have been cleared paving the way for oil field trucks and heavy oil field equipment. Over 2 miles of poly pipe and coated steel pipe flow lines has been delivered and installed to deliver the oil to the stock tanks. New water lines have also been installed. The oil storage facilities and the oil separating vessels have been upgraded. Water disposal systems have been modernized to handle additional water for water flood procedures to be initiated on all leases.

Production continues ahead of projections at the Hagler leases in Coleman County. Although the flood water procedures have not yet been commenced, five wells are already producing 240 bopm and 1200 mcfgpm. Canyon Creek has notified Sunoco, the oil purchaser, that it has a full tanker load of oil ready for transport.

A second rig is expected to move to the Hagler leases next week. With the arrival of this rig, Canyon Creek can move at an accelerated pace to revitalize the remaining 7 wells located on the Hagler leases. Water flood procedures will be initiated immediately after the remaining wells are producing. Canyon Creek plans to acquire a higher capacity vacuum pump to replace the existing pump. This will cause a spike in Canyon Creek's oil and casinghead natural gas production.

As reported earlier, a work-over rig has moved onto the Archer County Regular Field leases located in Archer County, Texas. The work-over rig is expected to be in the field working for another 28 days until 14 wells are pumping oil. Canyon Creek plans to restore the 3 injection wells to water flood the field to maximize the oil production.

Since the initial 2000 acre acquisition in July, Canyon Creek has added 4 other oil and gas properties to its expanding base. UPDA has provided the funds for these acquisitions.

These acquisitions include a 243-acre lease in the Inez Field, located in Victoria County, Texas. The Form G-1 filed with the Railroad Commission of Texas shows the No.1 Roberts Unit well located on this lease as flowing 2,668 mcfgpd on a 8/64'' choke with 4,727 psi flowing tubing pressure. The well flowed at an absolute open flow of 9,000,000 cubic feet of gas. The Company expects to have this significant producer online within 6 weeks.

Canyon Creek has also added an 80-acre lease in Fayette County, Texas and a 40-acre lease in Young County, Texas. Two shut-in gas wells are located on these leases. The two gas wells are projected to produce over 500,000 cubic feet of gas per day.

Canyon Creek has also executed a sale and purchase agreement to acquire a water flood project in Starr County, Texas. The Company will drill 10 oil producers in the first year and oil production is expected to reach 1,000 barrels of oil per day.

Canyon Creek has also informed UPDA that it is reviewing 5 additional oil and gas properties located in Texas and in Wyoming. Canyon Creek management will soon make its recommendations to the UPDA board regarding these properties.

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 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 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.