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IRVINE, Calif., June 28, 2013 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCQB:UBRG), a publicly traded independent diversified energy company, that markets and distributes natural gas, electricity, petroleum and coal, announced that its subsidiary, NDR Energy Group was awarded a contract to supply natural gas to a major gas and electric power utility customer.
The contract was awarded by one of the largest electric and natural gas distribution utilities in the Mid-West. According to its parent company, it is one of the largest investor owned utilities in the nation, provides natural gas and electric service to approximately 2.4 million electric customers and more than 900,000 natural gas customers. Its parent company, traded on the NYSE, reported revenues of $6.8 billion in its 2012 Annual Report. Under the terms of the agreement NDR Energy Group is to supply natural gas to the customer for a period of thirty days for the month of July 2013.
NDR Energy Group markets and distributes natural gas and propane, and has contracts with 31 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.The contract limits NDR Energy from disclosing the customer's name and certain details of the transaction.
Universal Bioenergy's President, Vince M. Guest says, "It is very exciting to be awarded this new contract to supply natural gas to one of the largest utilities in the country. This award demonstrates the strong partnerships Ken Harris, President of NDR Energy and his marketing team are making in building a solid customer base with major utility companies. Obtaining contract awards with Fortune 500 energy companies demonstrates the confidence these companies have in us to supply them with safe and reliable supplies of natural gas. The gross margins on this natural gas term contract are approximately 200% to 400% higher than the margins on many of our previous contracts. We are working to obtain additional contract awards with other major electric and gas utilities to increase our revenues and earnings. This is an outstanding achievement for NDR Energy for successfully closing another transaction."