Universal Prepares for Drilling at Caviar #3 and Lone Oak Prospects
Universal Energy Corp. reported that drilling is scheduled to begin on Caviar #3 and Lone Oak within the next few weeks. The Caviar Prospect, containing four drilling locations, has proved to be a huge success for Universal Energy Corp. During 2007, drilling at the Caviar #1 and Caviar #4 sites were successful and have recently been readied for production.
The 3,526-acre Lone Oak Prospect is located in the prolific Frio-Vicksburg trend of Chambers and Galveston Counties, Texas. Lone Oak is a 3-D drill ready prospect with enormous potential. Universal Energy Corp. owns a 12.5 percent interest before casing point of this prospect with total potential reserves exceeding 136 billion cubic feet equivalent ("BCFE"), or approximately $1,088,000,000 using today's prices. This area (Houston Salt Basin) is where over 4 trillion cubic feet of gas and 4 billion barrels of oil have been produced since 1900. Lone Oak is nine miles northeast of Eagle Bay Field which has produced over 110 billion cubic feet of gas and 10 million barrels of condensate from the Vicksburg sandstone reservoirs. The multiple objectives of Lone Oak are the same Vicksburg sandstone reservoirs produced at Eagle Bay Field as well as other fields within the trend.
"This company becomes more exciting each day as production from our recently drilled prospects continue to ramp up," commented Billy Raley, CEO of Universal Energy Corp. Raley continued, "We believe that successes at Caviar #3 and Lone Oak will further our progress to reaching significant profits in 2008."
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