Universal Energy to Spud Caviar Well in August
Universal Energy is set to spud its Caviar prospect in mid to late August. The Caviar 3-D Package is a multi-well, amplitude supported exploration project located in the shallow inland waters of Plaquemines Parish, Louisiana. The four 3-D prospects, which are located within 5 miles of each other, are normal pressured, Middle Miocene (Cib-Carst, Tex-W) tests with objectives between 9,000' and 11,000'. Reserve potential for the project is 4.7 million barrels of oil equivalent ("MMBOE"). The first well in this multi-well program, Caviar 1, is currently in the site preparation stage and set to drill upon the completion of drilling at the Amberjack prospect.
Amberjack -- Spud Date August 1, 2007
As previously released, the main objectives of the approximately 840-acre Amberjack prospect are the Lower Big-H, Big H and UL-4 sands that have proven undeveloped reserves of 10.1 billion cubic feet equivalent ("BCFE"). The greatest strength of the Amberjack prospect lies in the geophysical interpretation which demonstrates a 90 acre UL-5 amplitude anomaly of exceptional quality. This anomaly is the same type of high amplitude, low frequency, trough-peak geophysical event witnessed over other UL-5 reservoirs in the area. The amplitude anomaly fits the structural picture and displays the highest amplitude near the crest of the structure, two characteristics which are excellent gas indicators. Also, the seismic gather data displays an AVO anomaly in the prospective amplitude consistent with the AVO's seen in other highly productive fields in the area. Site preparation at the drilling site has been completed. The release of the drilling rig to our operator so that drilling can begin continues as scheduled.
Lake Campo -- Spud Date November 1, 2007
The Lake Campo Field Prospect is an amplitude supported, 3-D development project located 23 miles Southeast of New Orleans, Louisiana in the shallow inland waters of Plaquemines Parish. This 10,100' normal pressured Middle Miocene (Tex-W) age test involves further development of Lake Campo Field which has to date produced 25 BCFE. The 3-D seismic indicates the top of this productive structure has not been tested in ten sands between 8400' and 9800'. Three of these sands are established producers with water drive support and can be considered low risk objectives. Three of the remaining six objectives have associated amplitude anomalies. This prospect has proven undeveloped reserves of 10 BCFE.
Billy Raley, CEO of Universal Energy Corp. stated, "The execution of our business plan requires the drilling of quality domestic prospects. And that's exactly what we are doing."
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 and Southeastern Louisiana.
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