Shares of Universal Energy Corp. (OTCBB: UVSE) jumped up today after news about its Amberjack Prospect Drill Rig surfaced. In late trading today, UVSE was up 26 cents (33 percent) to $1.06 per share on volume of just over 268,000 shares.
UVSE issued a press release today updating its stockholders on the status of its summer drilling program. In an announcement yesterday, the company informed its stockholders that the drilling rig that will be utilized to drill Well SL 18514 No. 1 at the Amberjack prospect had been released. Today, UVSE announced that the drill rig is in transit and is expected to arrive at the prospect on Monday, August 13, 2007.
“Starting our drill program with the Amberjack prospect is important to us. Prospects like Amberjack, which have proven undeveloped reserves, will be the financial foundation of our company for years to come,” commented Billy Raley – CEO of UVSE – in a statement.
UVSE is an energy company engaged in the acquisition and development of crude oil and natural gas leases in the U.S. and Canada. The company pursues oil and gas prospects in partnership with oil and gas companies with exploration, development and production expertise. The company holds interests in the Pembina oil field located in North Central Alberta; the Caviar prospect located in the Plaquemines Parish of Southeastern Louisiana; the Amberjack prospect located in Louisiana; and the Lake Campo prospect located in Plaquemines Parish, Louisiana.
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