IRVINE, Calif., Sept. 25, 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 2.07 billion cubic feet (Bcf) of natural gas, setting a new record for the month of August, that is expected to generate millions in additional revenues.
The volume of natural gas sold by NDR Energy is the highest in the Company's history for the month of August, and tops the previous record sales of 1.16 billion cubic feet of gas sold in August of 2011. The 2.07 billion cubic feet of natural gas sold in August represents an increase 78.45%, or nearly one billion cubic feet of sales higher than the month of August of 2011. The sales are significantly higher than the 1.70 Bcf booked and sold at the beginning of the month of August, as reported in the news release on August 24, 2012.
NDR Energy Group's, President and CEO Ken Harris says, "We continue our emphasis on a combination of monthly, term and power generation related gas sales. This strategy was implemented in light of the strong headwinds anticipated in the natural gas marketplace. Although the build of natural gas in domestic underground storage last week was less than that experienced during the same week in 2011, the current storage level is still at an estimated 3.4 trillion cubic feet (Tcf), as reported by the EIA, in its Short-Term Energy Outlook. This is still an increase in domestic storage of about 11%. As a result, many of our utility customers are long on storage. This dynamic had the potential to diminish our sales productivity substantially. However, it is a remarkable testament to our sales team and the quality of our products and services that we were able to achieve this benchmark despite the existing market conditions."