Universal Energy Corp. announced that production at its Amberjack prospect has steadily increased over the past few weeks and has reached an excellent level of production. Billy Raley, CEO of Universal Energy Corp. commented, "We are extremely pleased with the levels we are realizing from Amberjack from both oil and natural gas." Raley continued, "With commodity prices at these levels, we are experiencing the best of both worlds with this well."
In industry news, OPEC's president, with oil prices closing near record highs, issued a warning of higher oil prices to come. In his statement, Chakib Khelil, Algeria's energy minister, stated that "The prices are high due to the recession in the United States and the economic crisis, which has touched several countries, a situation that has an effect on the value of the dollar. Each time the dollar falls 1 per cent, the price of the barrel rises by $4 and of course vice versa."
In response to Mr. Khelil's comments, Dyron Watford, CFO of Universal Energy Corp. stated, "It's clear that the United States can't turn to OPEC to help curb the rising costs of oil. Watford added, "Our only hope of avoiding $200 per barrel oil in the next few years is exploration within the United States. And we are glad to be doing our part."
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