US Coast Guard Grants Approval for UPDA US Petroleum Depot Subsidiary to Receive Condensate Deliveries in Brownsville.SAN ANTONIO -- US Petroleum Depot, Inc., a subsidiary of Universal Property Development and Acquisition Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :UPDA UPDA Urban Planning and Development Authority (Qatar) ), (FWB (Fixed Wireless Broadband) See fixed wireless. :UP1), (BCN BCN Beacon BCN Blue Care Network BCN Biblioteca del Congreso Nacional (Chile) BCN Backbone Concentrator Node (routers, Nortel) BCN Banco Central de Nicaragua BCN Broadband Convergence Network :UP1), (GER GER German/Germany GER Gastroesophageal Reflux GER Geriatrics GER General Education Requirement GER Great Eastern Railway (UK) GER Gross Enrollment Ratio (education) GER Gain Electrons Reduction :UP1), (MUN:UP1), (STU STU Student STU Secure Telephone Unit STU St. Thomas University (Fredericton, New Brunswick) STU St. Thomas University (Miami, Florida) STU SHDSL :UP1), has received approval from the United States Coast Guard United States Coast Guard U.S. military service that enforces maritime laws. It is under the jurisdiction of the Department of Homeland Security; in wartime it functions as part of the U.S. Navy. The Coast Guard enforces federal laws on the high seas and waters within U.S. to begin receiving condensate at its storage facility located in the Port of Brownsville, Texas. Deliveries will begin this week and sale of the product will be commenced upon receipt of sufficient quantities. Daily shipments to be received at the Brownsville facility will consist of 1500 - 2000 barrels of condensate. Sales of the condensate will then be shipped to customers on 20,000 barrel barges. The purchase agreements that have been negotiated establish a significant margin on each sale. In order to obtain this Coast Guard approval, US Petroleum Depot retained MWS Consultants of Brownsville, Texas, to assist in the preparation of the required Operations Manuals and OPA-90 Facility Response Plans. In other news, the Board of UPDA has decided to unwind its previously negotiated agreement for the sale of certain royalty interests on its production to Avalon Oil and Gas, Inc. UPDA's continued expansion, development and progress will be reported together with all well production 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. 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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