Universal Energy Gets Positive Results from Flow Tests at Caviar #1 & #4
Universal Energy Corp. announced that flow tests on Universal Energy Corp.'s Caviar #1 and Caviar #4 prospects are complete. As previously announced last week, construction of the pipeline that will tie-in production from Caviar #1 and Caviar #4 is now underway. The company anticipates production from these two wells beginning July 1, 2008. During the tests, Caviar #1 and Caviar #4 flowed in excess of 4.3 million cubic feet per day ("MMcf") and 4.2 MMcf per day, respectively.
"The results from the tests are excellent and demonstrate the outstanding reserves located in this area," commented Billy Raley CEO of Universal Energy Corp. "With prices of natural gas at over $11.00 per thousand cubic feet ("Mcf"), it's clear that these wells are significant and that they will be instrumental in our top line growth for 2008."
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