Universal Property Development and Acquisition Corporation (Pink
Sheets:UPDV) has completed negotiations on a long term contract to sell
the crude oil it purchases and transports. The new purchase contract is
with Shell Trading (US) Company, is effective July 1, 2009, and will
establish larger margins and further improve UPDA’s competitiveness.
“This new agreement for the sale of the oil we purchase and transport
from the North Texas oil fields, establishes firm consistent prices
based upon the ConocoPhillips West Texas Intermediate posting,
guarantees payment within 20 days and improves our margins,” reports
UPDA CEO Tim Brink. “In conjunction with the new financing we have
recently obtained, we will now have a competitive advantage both in
price and terms. We expect these advantages to allow us to substantially
grow this part of our business.”
Statements contained in this press release that are not based upon
current or historical fact are forward-looking in nature. Such
forward-looking statements reflect the current views of management with
respect to future events and are subject to certain risks,
uncertainties, and assumptions. Should one or more of these risks or
uncertainties materialize or should underlying assumptions prove
incorrect, actual results may vary materially from those described
herein as anticipated, believed, estimated, expected, or described
pursuant to similar expressions.
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