Standard & Poor’s announced today that it has commenced Factual Stock Report coverage Universal Bioenergy, Inc.
Universal Bioenergy, Inc. (OTC:UBRG) is an alternative energy company headquartered in Irvine, California. The company intends to develop and market a diverse line of natural and alternative energy products, including natural gas, oil, solar, biofuels, wind, synthetic fuels and related energy technology products.
On March 11, 2011, Universal Bioenergy announced that it set a new record in sales revenue of $41,292,201, for the year ending December 31, 2010. These revenues are preliminary and unaudited. On March 4, 2011, Universal Bioenergy announced that NDR Energy Group, had sales of $18.3 million, and sales volume of 4.10 billion cubic feet (Bcf) of natural gas for the months of January and February. On March 3, 2011, Universal Bioenergy announced that Progas Energy Services confirmed that it had struck oil and gas on several wells that it has drilled in Texas.
In April 2010, the company expanded into the natural gas energy market by acquiring a direct 49% financial interest in NDR Energy Group LLC. Additionally, an entity owned by officers of the company acquired an additional 2% financial interest in NDR Energy Group for a total direct and indirect financial interest of 51%. Universal Bioenergy believes this acquisition should provide it with distribution channels for marketing natural gas, oil, solar, biofuels, and other alternative energy products for its customers.In December 2010, the company established a new subsidiary, Texas Gulf Oil & Gas Inc., which will develop oil and gas field projects and obtain products from the wellhead. The subsidiary will manage the transmission and marketing of the product to Universal Bioenergy's customers. Texas Gulf Oil & Gas subsequently entered into a joint venture agreement with ProGas Energy Services Inc., of Texas, to produce and supply natural gas and oil to customers of Universal Bioenergy and NDR Energy Group. The companies will jointly develop an oil and gas field located in the Premont Northwest Field, in Jim Wells County, Texas.