"The signing of this agreement with YUMA Exploration and Production Company, Inc. on their Caviar prospect continues our growth strategy to acquire low risk in-field oil and gas rights that offset existing production. We are very impressed with the experience and working history of YUMA," Raley commented.
The Caviar site lies in the prolific Middle Miocene Trend, which is located in Plaquemines Parish, La. Drilling is scheduled to begin on this project this summer to achieve wells between 9,000 and 11,000 feet deep. The potential in this oil-rich area of the United States is very positive, based on the production history of existing wells in the area.
"This agreement with YUMA on the Caviar Project teams us with a leader in the oil and gas business that brings many years of experience to the table. It not only supports our growth strategy for Universal, but it also expands our operations into another proven oil and gas production area," Raley added. "We are excited to be partnering with YUMA Exploration and Production Company."
Universal Energy Corp. is a diversified energy company currently focused on oil and gas exploration. of its land portfolio, which comprises a working interest in highly prospective acreage in Alberta, Canada and Southeastern Louisiana.
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