HOUSTON, April 16 /PRNewswire-FirstCall/ -- Universal Energy Corp. (BULLETIN BOARD: UVSE) announced yesterday results for the fiscal year end 2007.
In its first year as an oil and gas exploration and production company, some of Universal Energy Corp.'s achievements in 2007 were as follows:
-- Raised $7.3 million in net proceeds for operations -- Drilled 6 exploratory wells during the last six months of 2007 -- We were successful in finding oil and/or natural gas in 4 of those wells -- Completed and began production at our Amberjack well during the last few days of 2007
Billy Raley, CEO of Universal Energy Corp. stated, "Our revenue for the fiscal year ended 2007 is indicative of one of our wells production for just a few days. The ability to efficiently deploy capital last year has set the company up for increased revenue and profitability during 2008 and continuing through the many years of life in these successful wells."
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. Our prospect areas consist of lands in Alberta, Canada, Louisiana and Texas. Visit http://www.universalenergycorp.info/ for more details.
Forward Looking Statements -- The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
CONTACT:
Universal Energy Corp.
Billy Raley, CEO, (800) 975-2076
