UPDA Subsidiary Canyon Creek Oil and Gas Inc. Continues Its Pursuit of Oil and Gas Reserves -- Purchases Two Additional Fields in Texas.HOUSTON -- Canyon Creek Canyon Creek can mean the following:
See OTC Bulletin Board (OTCBB). :UPDA UPDA Urban Planning and Development Authority (Qatar) ) and USProduction & Exploration, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (USPX), a privately held Company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. ) has completed the acquisition of two additional oil and natural gas fields This list of natural gas fields includes major fields of the past and present. N.B. Some of the items listed are basins or projects that comprise many fields (e.g. Sakhalin has three fields: Chayvo, Odoptu, and Arkutun-Dagi). in Texas. These two acquisitions are consistent with Canyon Creek's business model for acquiring proven oil and natural gas reserves. The acquisitions include a 40-acre lease in Young County, Texas, and a 369.65-acre lease in Starr County, Texas Starr County is a county located in the U.S. state of Texas. In 2000, its population was 53,597. Its county seat is Rio Grande City6. The county is named for James Harper Starr who served as Secretary of the Treasury of the Republic of Texas. . The lease in Young County has one well, the #2 Prideaux, completed as a gas well in the Marble Falls formation at 4800'. The lease in Starr County has four oil wells completed in the "J" Sand oil reservoir An oil reservoir, petroleum system or petroleum reservoir is often thought of as being an underground "lake" of oil, but it is actually composed of hydrocarbons contained in porous rock formations. at 4,100'. Funding for these acquisitions was provided by UPDA. "The #2 Prideaux well is important because it adds gas reserves to our portfolio at a time when gas prices are over $12.00 per mcfg," says Canyon Creek President Donald Orr. "The 369-acre lease in Boyle Field adds significant oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally in a proven oil field. We estimate 1,200,000 barrels of oil can be recovered by implementing water flood procedures. Sufficient well control, favorable reservoir properties, and excellent production history coupled with a compact, limited stratigraphic stra·tig·ra·phy n. The study of rock strata, especially the distribution, deposition, and age of sedimentary rocks. strat lens make this oil field an ideal candidate for secondary recovery via water flood," says Orr. Continental Oil Company, predecessor to ConocoPhilips, completed 15 of the 21 total wells that penetrated the "J" sand oil reservoir in the Boyle Field. Initial production of the wells completed in the "J" sand averaged 100 bopd on a 10/64" choke. Upon completion, the gas-oil ratios ranged from 341 cubic feet of gas per barrel to 2390 cubic feet per barrel. The total oil cumulative from the Boyle Field equals 1,259,675 barrels of oil. The Company projects it will need to expand the field to ten wells during the next twelve months to develop the oil reserves. Canyon Creek projects oil production to reach 1,000 barrels of oil per day when the lease is fully developed. The cash flow value to the Company discounted at 10% is estimated over $27 million per year. 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. has over 60 wells located on more than 2,000 acres in the Fort Worth basin. In addition to the new acquisitions detailed above, the Company has also acquired properties located in Inez Field in Victoria County and Giddings Gas Field in Fayette County, Texas Fayette County is a county located in the U.S. state of Texas. As of 2000, the population was 21,804. Its county seat is La Grange6. Fayette is named for the Marquis de la Fayette, a French nobleman who became an American Revolutionary War hero. . Canyon Creek continues a drilling and 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 de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d 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. |
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