Universal Energy Corp. commented on the continuing climb in oil and gas prices over the past few months. In early trading on Feb. 27, oil rose to over $102 per barrel which is an all-time high and is reaching towards $103.76, which is the inflation-adjusted all-time high that occurred after the Iranian revolution in April 1980.
Since September 2007, when drilling began at Universal Energy Corp.'s Caviar #1 Prospect, the prices of oil have increased from approximately $75 per barrel to over $100 per barrel and natural gas has increased from $6.13/mmBtu to a recent price of $9.08/mmBtu, a 48 percent increase.
"While the processes involved in getting Caviar #1 and Caviar #4 into production have taken longer than we would have liked, the 48 percent increase in gas prices have only made our natural gas assets in the ground at our Caviar prospect more valuable in the interim. With increases in commodities prices like these and with Caviar #1 and Caviar #4 scheduled to begin production within the next few weeks, I expect 2008 to be a banner year for Universal Energy Corp.," commented Dyron Watford, CFO of Universal Energy Corp.
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