Universal Energy Acquires Stake in Lone Oak Prospect
Universal Energy has signed an agreement for partial interest in a major oil and gas drill-ready prospect, Lone Oak, located in the Galveston Bay area. The company acquired 12.5 percent interest before casing point with potential reserves exceeding 136 billion cubic feet equivalent.
"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 is 3,526 acres located in the Frio-Vicksburg trend of Chambers and Galveston Counties, Texas. This Houston Salt Basin area has produced over 4 trillion cubic feet of gas and 4 billion barrels of oil 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.
Universal is an energy company active in acquisition and development of crude oil and natural gas leases throughout the United States and Canada. Oil and gas prospects are pursued in partnership with companies having exploration, development and production expertise. Prospect areas for Universal consist of property in Alberta, Canada, Louisiana and Texas.
- Universal Scoops up Blocks Offshore Namibia (May 17)
- Universal Energy IDs Drilling Prospects for 2010 Campaign (Mar 04)
- Universal Energy Corp. Plans Aggressive 2009 Acquisition Plan (Mar 25)