IRVINE, Calif., March 7, 2011 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), a publicly traded energy company, announced today, that several of its key executives, and its acquisition team are in talks with representatives to acquire oil and gas properties to develop in Louisiana. The Company intends to obtain agreements to purchase natural gas and other fuels directly from the wellhead, to market directly to its customers.
Recently, the Company's acquisition team completed a trip to Louisiana for direct talks and negotiations with representatives of land owners, to acquire oil and gas lease rights for a field with several thousand acres of land in Louisiana, that may produce several million dollars annually in oil and gas revenues.
In another large field that was visited, the field had a well or wells that, according to the owners, may be producing an estimated 14,000 mcf per day, which could potentially produce an estimated sales of over $20 million in natural gas per year.
Solomon Ali, Universal's Vice President, says, "The company intends to continue negotiations to potentially acquire and enter joint ventures to develop oil and natural gas field projects in the Louisiana and other locations. The properties owners wish to remain anonymous, while we're at this stage of discussions. We feel this will position us to be a 'direct supplier' of natural gas and oil, to our current and future utility and corporate customers. By obtaining the supplies directly from the wellhead, we'll cut our costs significantly, by purchasing the supplies at the producers price, which is much, much lower than the wellhead cost. The major benefits to the Company are greater revenues, significantly higher profit margins, lower product costs, increased assets, and increased competitiveness."
About The Company
Universal Bioenergy Inc. is an alternative energy company, and intends to create and market natural and alternative energy sources including natural gas, petroleum, solar, biofuels, wind, synthetic fuels and related 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
- 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: Media Relations: Solomon Ali 704-873-5705