Universal Gains High Impact 3-D Prospect in Cameron Parish, Louisiana
Universal Energy has successfully acquired a 17.5 percent interest in the East OMG prospect in Southwestern Louisiana. The East OMG prospect covers an area of 923 acres.
About the East OMG Prospect
The East OMG 3-D prospect is located in Cameron Parish, Louisiana. Wells adjacent to the prospect have produced outstanding returns such as Chalkley Miogyp field and S. Lake Arthur, which have cumulative production of 500 billion cubic feet equivalent ("BCFE") and 800 billion cubic feet, respectively. Production from the adjacent wells listed above is from the same Upper Miogyp sandstones that are the main objective of the East OMG Prospect. The combined reserve potential of the four principal objective sandstones that comprise the East OMG prospect is estimated to be greater than 59 BCFE. The project will be drilled during the fall of 2007.
"We continue our model of growth through the drill bit," commented Billy Raley, CEO of Universal Energy Corp. Raley continued, "The positive impact we expect this prospect to have for the company and its stockholders is extraordinary."
"East OMG by itself has the potential of delivering average annual cash flow of $0.20 per share for the next three years," commented Dyron Watford, CFO of Universal Energy Corp. Watford added, "With the financial impact of this prospect for Universal, its no wonder we affectionately refer to the play as Oh My Goodness ("OMG")." Watford concluded, "When added with our Amberjack, Caviar and Lake Campo prospects, our earnings power is truly enviable."
About Universal Energy Corp. - Universal Energy Corp. is an energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States and Canada. We pursue oil and gas prospects in partnership with oil and gas companies with exploration, development and production expertise.
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