UPDA Finalizes Plans to Create Well Service Company
Universal Property Development and Acquisition Corporation has finalized its plans to create a separate oil and gas well services company. This initiative came as a result of UPDA's recent acquisition of the Catlin Oil and Gas Field in Jack County, Texas.
Consistent with this reorganization, UPDA separated the assets acquired in the Catlin transaction among three companies. All lease and oil and gas wells were transferred to the Texas Energy subsidiary, the pipeline and the gathering systems to the TEI Pipeline subsidiary and all service equipment will be assumed by the new wells services company, UPDA Operators.
The creation of this subsidiary and the recruitment of personnel with oil and gas expertise will enable the company to become self-sufficient as far as work overs and drilling is concerned. The addition of this subsidiary will also allow all of the UPDA lease and well owning subsidiaries to complete their projects faster and more efficiently and at the same reduce costs.
"We took this step to complement and take advantage of our fast expansion strategy. Our subsidiaries increased their well numbers by almost 100 wells so far this year, collectively. UPDA subsidiaries now own over 155 wells and close to 7,000 acres," said Steve Barrera, Texas Regional Manager. "Through UPDA Operators, we will be able get more of the wells into production, faster, and increase the revenues we can generate as a result of the aggressive growth of our asset base."
Universal Property Development and Acquisition Corporation
focuses on the acquisition and development of proven oil
and natural gas reserves and other energy opportunities through the
creation of joint ventures with under-funded owners of mineral leases
and cutting-edge technologies.
- 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)