This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Universal Bioenergy Announces Progas Energy Strikes Oil & Gas

IRVINE, Calif., March 3, 2011 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), announced today that Progas Energy Services confirmed that it has stuck oil and gas on several wells that it has drilled in Texas. Progas Energy Services is Universal's joint venture partner in developing an oil and gas field in Jim Wells County Texas. The plans include potentially developing up to 115 oil and gas wells from this field.

The Guerra #2 well was drilled to a depth of 4000' through the Miocene and Frio Sands, and encountered over 100' of sands  which cored and/or tested natural gas and 20' of oil sands between depths of 2200' and 4000' in 14 distinct gas sands and 2 oil zones. The lower lobe of the Laughlin sand was perforated and tested an open flow potential of over 9,000 mcf/d per day.   The reserves of the "Laughlin Sand" will  not be given a formal reserve evaluation until the upper zone has been tested, but preliminary estimates based on standard reserve formulas, give the sand an estimated 1,000,000 to 1,500,000 mcf in gas reserves, or $3,000,000 to $5,000,000 in gas reserves net to the owners of the well from 15' of gas sand in this zone.  In addition, the field and this well is unusual because of the number of sands which cored and tested oil or gas at this shallow depth.

Though the perimeter of the field has not been established all indications are that the field is much larger than initially thought, possibly housing 20,000,000 bbls of oil, with an estimated value of $2.01 billion based on the March 3, 2011, NYMEX price, and over 20,000,000 mcf of natural gas, with an estimated value of $75.8 million, based on the March 3, 2011 NYMEX price, excluding the shallower zones that cored gas but which have not been tested yet.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs