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Universal Bioenergy Announces Second Quarter 2012 Financial And Operating Results

IRVINE, Calif., Aug. 23, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company, that markets natural gas, propane, and produces petroleum and coal, announced that it has filed its Second Quarter Report on Form 10-Q for the period ending June 30, 2012 with the Securities and Exchange Commission. The annual report contains the Company's audited financial statements, management's discussion and analysis (MD&A), its plans and future outlook and other disclosures. The following information was excerpted from the Form 10-Q Report.

Results of Operations

Our revenues for the three months period ended June 30, 2012 declined due to the following conditions in the U.S. energy market;

According to the Energy Information Administration, in its "Energy Today" Report on August 9, 2012, "Average spot natural gas prices in key regional markets, which reflect the wholesale price of natural gas at major trading points, declined about 38% to 49% during the first half (January 1 to June 30) of 2012 compared to the same period in 2011. Natural gas spot prices at the Henry Hub—a key benchmark and major trading location—averaged about $2.36 per million British thermal units (MMBtu) during the first half of 2012. Rising production, record end-of-winter storage inventories, and mild weather contributed to spot natural gas prices nearing their lowest levels in a decade until prices rebounded at most trading points to the high $2/MMBtu range by the end of June."

Specific factors contributing to lower average spot natural gas prices during the first half of 2012 include :

Supply: U.S. dry natural gas production was about 5% higher during the first half of 2012 compared to the same period in 2011, according to Bentek Energy. This growth has been largely driven by gains in the Marcellus shale, where production nearly doubled from June 2011 to June 2012.

Consumption: Overall natural gas consumption was up just over 1% through the first half of this year, so U.S. natural gas supply rose faster than consumption.

Storage: The U.S. Lower 48 states had record natural gas storage inventories at the close of the winter 2011/2012 (November 2011 through March 2012). As a result, storage operators or their customers have not needed to buy as much natural gas to inject in preparation for the upcoming winter or to manage day-to-day imbalances, and this has contributed to lower natural gas prices. Last month, total U.S. natural gas storage inventories in the Lower 48 states topped three trillion cubic feet for the first time ever during June. As of August 3, storage inventories were 14% above the five-year average.

Revenues

Our primary revenues from this period are from the sale of natural gas and propane. Our revenues for the three and six months ended June 30, 2012 were $8,620,964 and $21,628,124 respectively, as compared to $13,800,878 and $36,048,232 respectively for the same periods in 2011. 

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