updated 12/20/2010 7:16:05 AM ET 2010-12-20T12:16:05

IRVINE, Calif., Dec. 20, 2010 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), a publicly traded alternative energy company, in it plans for expansion, announced it has established a new company called, "Texas Gulf Oil & Gas Inc.", that has started operations. Texas Gulf Oil & Gas Inc., will acquire interests in oil and gas properties, and obtain major supplies of natural gas and petroleum directly from the producers at the wellhead for Universal, to generate greater revenues and higher profit margins.

Universal's President, Vince Guest, states, "Texas Gulf Oil & Gas Inc. was established as a direct result of the rising demand of fuel supplies that is required by our 22 major electric utility customers, and growing corporate customer base, through NDR Energy Group. The new company will contract directly with producers to obtain supplies of natural gas and petroleum from the wellhead, and manage the distribution of the product through the transmission pipelines. The products will be marketed and sold to our customers through our subsidiary, NDR Energy Group. This should generate three revenue streams, from gas supplies, transmission, and sales."

According to the Energy Information Administration (EIA), the United States used approximately 22.84 trillion cubic feet (Tcf) of natural gas in 2009. About 25% of all energy used in the United States in 2009 came from natural gas. It is also one of the cleanest burning fossil fuels. In 2009, natural gas made up almost 24 percent of net power generation with 931,000 Megawatt-hours (MWH) of electric power generated from natural gas. According to the U.S. Department of Energy, consumption of natural gas will increase 20% by 2030.

Universal's Sr. Vice President, Solomon Ali, states, "The benefits to Universal are enormous, as this strategy represents an unprecedented bid to direct our own financial destiny. That means, we are searching the U.S. and Canada for strategic oil and gas properties, and producers to partner with us. We believe this will rapidly accelerate our business in emerging markets, where demand for fuel is expanding, lower our product acquisition costs, and bring increased value to our shareholders."

About Universal Bioenergy

Universal Bioenergy Inc. is an alternative energy company, that markets natural gas and green alternative energy, and is expanding into solar, biofuels, wind, synthetic fuels and related clean energy technology products. It plans to build the company into a prominent player in alternative energy.

The Universal Bioenergy Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6784

Safe Harbor Statement - There are matters discussed in this media information that are forward-looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward-looking statements, refer to Universal Bioenergy Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

CONTACT:  Universal Bioenergy Inc.
          Media Services
          Nicole Singletary
          888-263-2009

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.95%
$30K home equity loan FICO 5.19%
$75K home equity loan FICO 4.58%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.40%
13.40%
Cash Back Cards 17.92%
17.91%
Rewards Cards 17.12%
17.11%
Source: Bankrate.com