UPDA Reports to Its Shareholders.

JUNO BEACH, Fla. -- In order to better communicate with its shareholders and interested investors, the board and management of UPDA (OTCBB:UPDA) will periodically report on the progress and state of the company. The following is the first of those reports. E[acute accent]On the operational side: UPDA completed its restructuring on July 11, 2005. Since then, it has entered into two oil and gas joint ventures. The first of these ventures is Canyon Creek Oil and Gas, Inc. (CCOG), in the state of Texas, and the second is West Oil and Gas, Inc. (West), in Utah. E[acute accent]CCOG is a joint venture with USProduction and Exploration, LLC (USPX). UPDA initially provided funding for the work-over of oil and gas wells on three properties and 2000 acres. Since then, UPDA funded the acquisition of four additional oil and gas properties, which increased the reserves of CCOG from $35 million to close to $200 million according to in-house estimates. The CCOG Coleman field is in partial production in both oil and gas since the last week of September and the work-over is being carried out on most of the other fields. As a result of UPDA's increased investment, its stake in CCOG will be increased to sixty five percent (65%). E[acute accent]West, a joint venture with Dark Horse Exploration and the Masaood Group USA, was signed in early October and consists of 4000 acres with six existing wells. As previously reported, this property contains reserves conservatively valued at approximately $500 million according to a proven reserve study. Work-over on one well has been completed and is in progress on the others. The Masaood Group USA will provide the necessary funding for the remaining work-over and the additional drilling of eighty (80) wells. UPDA controls sixty percent (60%) of West. E[acute accent]On Fiscal issues: The Board has been able to reduce the debt that was carried on the UPDA books by converting most of it to restricted equities. In addition, through an amended investment agreement, the chairman had provided UPDA with preferred securities valued at one million dollars and reduced the amount of outstanding common stock by over 1.4 million shares. This transaction was reported on the last 8-K that was filed October 10, 2005. These actions have improved the UPDA balance sheet and created shareholders' equity. E[acute accent]On Human Resources matters: In an effort to build a competent team to better serve the interests of the shareholders, the UPDA board is considering the engagement of two oil and gas specialists. The first is a field professional that will be retained to periodically inspect the expanding inventory of wells and report to the management on production issues. The second is a certified oil and gas geologist who will assist the board on future acquisitions. An office manager is also being interviewed in order to account for the revenues that will soon be reported. E[acute accent]On Real Estate projects: The UPDA board voted to disengage from all real estate transactions and to assign or transfer any transaction that had been in progress. This includes the Brathanhl building in Cleveland, the 600 Acres in Reno, the 42 acres in Florida and the Tucker project in Atlanta. As a result of these actions, UPDA will be able to focus its efforts and capital on the many oil and gas opportunities under consideration. E[acute accent]The Board of Directors of UPDA is committed to building and growing this company in the energy sector. As demonstrated by the progress of the past three months, UPDA is attaining its goals through the formation of Joint Ventures with energy partners and by expanding its existing joint ventures. UPDA will continue to strive to create and enhance its shareholders' value.

E[acute accent]About Universal Property Development -- www.universalpropertydevelopment.com

E[acute accent]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.

E[acute accent]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.