Universal Property Development and Acquisition Corporation (Pink Sheets:UPDV) has executed a consulting agreement designed to raise up to $85 million from investors in Dubai and the UAE in order to drill as many as 500 new wells along the natural gas pipeline and gathering system owned by Heartland Oil and Gas Corp. (Pink Sheets:HTOG) in Southeastern Kansas.
“This new drilling program will allow us to take advantage of the massive investment we’ve already made in Southeastern Kansas,” remarked Tim Brink, CEO of both Universal and Heartland as well as Continental Fuels Corp. (Pink Sheets:CNFU). “We have more than 30 producing wells out there and many miles of pipeline along which we can drill over 100 wells without further expansion. Our new consultant indicates that they are experiencing great interest in this project from their clients in Dubai and the rest of the UAE and, as soon as we can complete the necessary paperwork, we are very confident of great results.”
The contemplated program involves equity investment into a new limited partnership for which Universal will serve as general partner. Once drilling is initiated, it is anticipated that 500 wells can be drilled, completed and connected within 3 years.