HOUSTON, July 8 /PRNewswire-FirstCall/ -- Universal Energy Corp. (OTC Bulletin Board: UVSE), announced today an update on drilling operations at its Lone Oak prospect in Galveston Bay, Texas. Installation of 7 5/8" intermediate casing is now complete to a total measured depth of 11,470 feet. Drilling will commence later in the week to the target measured depth of 12,615 feet.
Billy Raley, Chief Executive Officer of Universal Energy Corp. stated, "During the drilling of the remaining 1,200 feet or so, we are targeting the same Vicksburg sandstone reserves responsible for producing 4 trillion cubic feet of gas and 4 billion barrels of oil in this area since 1900. Results from Lone Oak are not included in our current revenue guidance of $0.25 million to $0.3 million and $0.8 million to $0.9 million, for the second and third quarters of 2008, respectively." Raley concluded, "Positive results from Lone Oak will provide continued revenue growth for the fourth quarter 2008 and fiscal 2009."
Universal Energy Corp. is a publicly traded (BULLETIN BOARD: UVSE - News) energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States. 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 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
