Universal Energy Corp. Expands Drill Ready Portfolio with Acquisition of High Impact Prospect in Galveston Bay, Texas
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HOUSTON, Sept. 18 / -- Universal Energy Corp. (BULLETIN BOARD: UVSE.OB) , continuing their model of growth through the drill bit, announced, today, that the Company has entered into a participation agreement for a major oil and gas prospect in Texas.
The prospect, known as Lone Oak, is a 3-D drill ready prospect with enormous potential. With this agreement, the company has acquired a 12.5 percent interest before casing point of this prospect with total potential reserves exceeding 136 billion cubic feet equivalent ("BCFE").
"Our land portfolio continues its evolution into more and more significant prospects," stated Billy Raley, CEO of Universal Energy Corp. "With Universal's recent success at Amberjack and the ongoing drilling of Caviar, the next few months will be exhilarating as East OMG, Lone Oak and the Lake Campo prospects are drilled. Management is proud to deliver this type of prospect to our stockholders."
Lone Oak Prospect
The 3,526 acre Lone Oak Prospect is located in the prolific Frio-Vicksburg trend of Chambers and Galveston Counties, Texas. This area (Houston Salt Basin) is where over 4 trillion cubic feet of gas and 4 billion barrels of oil have been produced since 1900. Lone Oak is nine miles northeast of Eagle Bay Field which has produced over 110 billion cubic feet of gas and 10 million barrels of condensate from the Vicksburg sandstone reservoirs. The multiple objectives of Lone Oak are the same Vicksburg sandstone reservoirs produced at Eagle Bay Field as well as other fields within the trend.
About Universal Energy Corp.Universal Energy Corp. is an energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States and Canada. We pursue oil and gas prospects in partnership with oil and gas companies with exploration, development and production expertise. Our prospect areas consist of lands in Alberta, Canada, Louisiana and Texas. Visit www.universalenergycorp.info for more details.
FCMN Contact: dyronwatford@aol.com
Source: Universal Energy Corp.
CONTACT:Billy Raley, CEO of Universal Energy Corp., +1-800-975-2076, braley@universalenergycorp.info
Web site: www.universalenergycorp.info/
