UPDA and Sundial Enter MOU to Develop North Texas Leases

Florida-based Universal Property Development and Acquisition Corporation and Sundial Resources of Graham, Texas, have executed a memorandum of understanding to develop 520 acres on three leases in Young County, Texas. Pursuant to the MOU, UPDA will provide funding for the workover of the 17 wells on the property. As set forth in the MOU, UPDA will establish and own 75% of a joint venture corporation, tentatively known as Texas Energy, Inc. Sundial will assign its 100% working interest in the leases and wells to the joint venture corporation. It will manage the workover procedures and will operate the wells upon completion. "Sundial brings a great amount of experience to this project," said Chris McCauley, UPDA Vice President. "We expect this joint venture will expand to other properties that Sundial has already presented for review. This joint venture exemplifies our continued confidence in the Texas market complimentary to our Canyon Creek venture."

UPDA anticipates that this most workover project will begin as soon as the lease assignments are recorded and will require 30-45 days for completion.

Company: Universal Property Development and Acquisition Corp. more info
 -  UPDA's Year-End Boasts: Acquisitions Galore, from Aztec to Heartland (Jan 02)
 - Catlin Oil Set to Close Palo Pinto Acquisition (Aug 06)
 - UPDA Agrees to Buy Well Testing Vendor (Dec 18)
Company: Sundial Resources more info
 - UPDA and Sundial Enter MOU to Develop North Texas Leases (Mar 08)