Universal Completes Upper Zone Of Amberjack Prospect
Universal Energy Corp. announced that last week it completed additional work on its Amberjack prospect. Production began at the Amberjack prospect on about December 29, 2007, and provided the Company's first revenue from oil and gas production during the fiscal year ended 2007.
The well had performed extremely well the first part of January 2008 as production reached a maximum of 200 barrels of oil production per day. However, as the month continued, production became erratic and the well did not perform to desired specifications. Because of this, during March 2008, the operator moved up the well bore and completed a better zone of production based on analysis of the well logs. Over the past few days, production of oil and natural gas has begun to increase as the choke is opened up on the well.
Billy Raley, CEO of Universal Energy Corp. commented, "We were not willing at the beginning to pass up any production in the lower zone of the well with prices above $110 per barrel." Raley continued, "with completing the upper zone we fully expect this well to live up to our expectations."
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