IRVINE, Calif., May 12, 2011 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), a natural and alternative energy company, is in negotiations with several companies to obtain several multi-million contract awards and is in talks for the acquisition of several major oil and gas properties.
Its subsidiary, NDR Energy Group, is in final negotiations to close on more contracts to supply natural gas to several major public electric utilities that should generate millions of dollars in additional revenue for the Company. According to the U.S. Department of Energy, consumption of natural gas will increase 20% by the year 2030.
The Company's acquisition team is also in talks to acquire a stake in several gas pipelines that are used to transport natural gas from the wells in the oil and gas fields to the main pipelines in Texas. The combined value of those pipelines are estimated to be in the $10 to $25 million range, and should bring additional revenue, potential profits and asset value to the Company if those transactions are completed.
"We are very excited about these new transactions. As we win more gas sales contracts like the recent one with the $2.7 billion utility company in the Midwest, we need greater supplies of gas for our customers. This is in line with our growth strategy, our intent to create more revenue and focus on profitability this year. We have been working on some of these projects for several months to bring these to fruition. Management feels the acquisition of the oil and gas properties, assets and pipelines, will give us greater control over our supply chain from the wellhead directly to our customers. We believe our shareholders will receive a great benefit from these transactions and acquisitions when the deals are consummated," stated Universal's President, Vince M. Guest.
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
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: Solomon Ali 704-837-5705