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Universal goes to work for 1st Texas

Published Jul 2, 2007

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Texas producer Universal Energy Resources, Inc has sold all its assets — said to be $650,000,000 worth — to 1st Texas Natural Gas Company, Inc., it was announced Monday.

Universal will now run its 208 “gas-drilling leases” as 1st Texas’s subsidiary in the Permian Basin of the Gulf. The licenses have proven recoverable reserves of 109 billion cubic feet of natural gas.

Universal founder Jim Dial becomes president and chief exec of the business with his 25 years of oil-industry experience.

Dial was quoted as saying the new 1st acreage has produced three gas wells out of three tries sine March 2007 in Canyon sandstone formations. The El Paso and Producers gas pipeline assures access to market.

“We have a simple game plan: Drill, drill and then drill some more,” Dial was quoted as saying.

“I have never believed in wildcat exploration. I believe that the best opportunities are in proven reserves that the big boys have overlooked,” he added.

 

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