Earlier, the Company informed its stockholders that it was awaiting the release of the drilling rig scheduled to drill the Amberjack prospect by its operator. Another company was utilizing the drilling rig at a nearby prospect. The release of the rig was a few weeks delayed from what was previously anticipated based on delays at the other site. The drilling rig has now been released from the nearby location and will be in transit to the Amberjack Prospect to begin drilling of Well SL 18514 No. 1.
"It didn't happen as fast as we would have liked, but we are glad to be back on track with Amberjack. We look forward to drilling next week," commented Billy Raley, CEO of Universal Energy Corp.
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.
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. It pursues oil and gas prospects in partnership with oil and gas companies with exploration, development and production expertise. Its prospect areas consist of lands in Alberta, Canada and throughout Louisiana.
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