HOUSTON, April 29 /PRNewswire-FirstCall/ -- Universal Energy Corp. (OTC Bulletin Board: UVSE) today announced that production at its Amberjack prospect has steadily increased over the past few weeks
and has reached an excellent level of production. Billy Raley, CEO of Universal Energy Corp. commented, "We are extremely pleased with the levels we are realizing from Amberjack from both oil and natural gas." Raley continued, "With commodity prices at these levels, we are experiencing the best of both worlds with this well."
In industry news, OPEC's president, with oil prices closing near record highs, issued a warning of higher oil prices to come. In his statement, Chakib Khelil, Algeria's energy minister, stated that "The prices are high due to the recession in the United States and the economic crisis, which has touched several countries, a situation that has an effect on the value of the dollar. Each time the dollar falls 1 per cent, the price of the barrel rises by $4 and of course vice versa."
In response to Mr. Khelil's comments, Dyron Watford, CFO of Universal Energy Corp. stated, "It's clear that the United States can't turn to OPEC to help curb the rising costs of oil. Watford added, "Our only hope of avoiding $200 per barrel oil in the next few years is exploration within the United States. And we are glad to be doing our part."
Universal Energy Corp. is an energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States. We pursue oil and gas prospects in partnership with oil and gas companies with exploration, development and production expertise. Our prospect areas consist of lands in Louisiana and Texas. Visit www.universalenergycorp.info for more details.
Forward-Looking Statements - The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
Source: Universal Energy Corp.
Web site: http://www.universalenergycorp.info
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