IRVINE, Calif., March 2, 2011 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), is planning a major expansion in the natural gas and oil markets to generate greater revenue, profits and shareholder value. The expansion plans includes development of new or recently discovered oil and gas fields in Texas and Louisiana, oil and gas lease acquisitions, and re-entering existing wells.
There are nearly 3240 utilities in the United States. Universal has signed contracts with 22 major utilities, and are in discussions with others for more contracts. As part of its expansion, the Company plans to develop an aggressive sales force, to obtain agreements with a projected 100 utilities, and other customers including, Federal and State Agencies, Municipalities, and large commercial and industrial customers, in the next 12 to 24 months. This will give the Company a greater share of the market, potentially increasing their revenues and profits.
"We believe the demand for oil and gas will remain strong. We've built a solid customer base, and plan to capture a greater share of the market this year, and become more "profit oriented". We're changing our strategy for procuring our gas supplies. That's why we're contracting directly with the oil & gas producers to obtain our supplies from the wellhead. The Company is working to obtain its own bank "lines of credit", instead of using the suppliers financing to purchase gas. This will allow us to purchase our supplies in larger quantities, on better terms, and at much lower costs. We also plan to generate additional profits, by performing our own gas scheduling, and nominations, gas transmission, pipeline balancing, gas storage, gas trading and hedging. We believe this could result in several million dollars of additional profit for the Company," says Vince M. Guest, President of Universal.About The Company Universal Bioenergy Inc. is an alternative energy company, and intends to create and market natural and alternative energy sources including natural gas, solar, biofuels, wind, synthetic fuels and related energy technology products. It plans to build the company into a prominent player in alternative energy.