Catlin Oil and Gas Brings 7 Wells Online - Natural Gas Pipeline Repairs to Deliver Additional Production to Market
Universal Property Development and Acquisition Corporation (OTCBB:UPDA) subsidiary, Ambient Wells Services, Inc., during the first week of its workover project, has completed 7 oil and gas wells in the Catlin Oil and Gas Field in Jack County, Texas. Each of those wells has commenced production and will begin delivering oil and gas for sale immediately.
In conjunction with the workover of the 64 Catlin wells, Landmark 4, LLC continues the repair and reconstruction of the natural gas gathering system and pipeline which, when completed, will dramatically increase the amount of the production that is delivered to market.
"Because this pipeline has not been properly maintained, we estimate that as much as 70% of the natural gas that was being put into the pipeline was never reaching the sales meter," said Tevy Kaplan, COO of UPDA subsidiary, Catlin Oil and Gas, Inc., the owner of the field. Through either leaks in the pipeline, pressure loss from the nearly inoperable compressors or other defects in the infrastructure, we were venting more gas to the atmosphere than we were actually delivering to market. Once Landmark completes this pipeline reconstruction and Ambient's other subcontractor, Rockey Wells Services, completes the workover of all 64 wells, we expect the revenue from this field to be very impressive based on historical production figures."
As previously reported, under the terms of the contract with Landmark and Rockey, this work is to be substantially completed in no fewer than 120 days with Landmark earning a bonus by completing the work in as few as 60 days.
The progress of this project will be reported by UPDA as it continues to update its website at: www.universalpropertydevelopment.com. |
