Oil production has now begun at Universal Energy’s Amberjack prospect, and company heads are predicting a profitable 2008.
"Our first revenues from production are a historic event," said Universal Energy CEO Billy Raley. "Production estimates have been right on track and our previous estimates of profitability for Q1 of 2008 are solid."
Universal Energy will update its stockholders each month on its production numbers for each of its prospects.
"With production scheduled to begin from Lake Campo in the next few days, 2008 is shaping up to be a fantastic year for Universal Energy and its stockholders," said CFO Dyron Watford.
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