IRVINE, Calif., Jan. 22, 2013 (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 its subsidiary NDR Energy Group signed a Master Power Purchase and Sale Agreement with an electric power company to sell wholesale electric power. NDR Energy has been engaged in negotiations with several large electric power producers and marketers to purchase their bulk wholesale electric power. NDR Energy will sell the electric power to its electric utility customers to assist them in meeting the base load requirements of their customers, and also sell power to large commercial and industrial customers. The Company is projecting estimated revenues of $96 million to $384 million in annual sales of electric power with greater margins and profits for the Company.
The company supplying the electric power is a subsidiary of a large diversified energy industry leader in acquiring, drilling, producing and reworking oil and gas properties, as well as the wholesale buying and selling of natural gas and electricity throughout the United States and Canada. The company has been in the deregulated electric power industry since 1994, and has been focused on balancing supply and demand needs for electric utilities, independent power producers and other market participants.
NDR Energy's President Ken Harris states, "We continue to experience substantial growth at NDR. One critical component of this process is to grow our product offerings to include additional energy-related commodities. Our new agreement with a very strong power/electric supplier gives us huge momentum as we advance our power/electric division. We have filed our application for a FERC license, and upon our receipt of the license, we will be operational from a power/electric standpoint. I am tremendously proud of our progress. With the initiation of our renewables, solar and wind division, the expansion of our natural gas operations, the growth of our sales staff and the activity in our power/electric division, these are exciting times for NDR!"