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IRVINE, Calif., Aug. 24, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company, that markets and distributes natural gas, propane, petroleum and coal, announced that its subsidiary, NDR Energy Group, sold over 1.70 billion cubic feet (Bcf) of natural gas, for the month August, that will generate millions in sales revenues.
The volume of natural gas sold by NDR Energy, is exceptional given the soft market conditions in the industry for the first half of 2012. The 1.70 billion cubic feet of natural gas sold in August, is a 46.67% increase over the 1.16 billion cubic feet of natural gas sold for the month of August 2011. These sales have already been booked and sold, and the gas is currently being shipped to its electric utility customers and local distribution companies (LDC) for August.
Universal Bioenergy is a high growth company, that generated over $71.74 million in revenues in 2011. Through its subsidiary, NDR Energy Group, it sells natural gas to 30 of the largest public utilities, electric power producers and local gas distribution companies that serve millions of commercial, industrial and residential customers throughout the country.
Universal's President Vince M. Guest states, "We faced some significant challenges this year, however, we are very excited about the 46% increase in sales volume of natural gas achieved by NDR Energy for the month of August. This is a major achievement, especially in view of the soft market conditions in the first half of the year, rising production, record high gas storage inventories and mild weather conditions. There were major obstacles to overcome to achieve 1.70 Bcf, in sales volume. We are very encouraged, and are now starting to see an upward trend in the price of natural gas, and some stabilization in the supply and demand imbalances in the marketplace. This is great news for our shareholders, as we expect the continued upward trends in our sales volume in our third and fourth quarter to offset much of the declines in the first half of 2012."