This statement says it all, "We have persevered through a difficult time at Universal Energy Corp. and management is fully committed to bringing it all the way back," commented Billy Raley, Chief Executive Officer of Universal Energy Corp.
In September of 2009, Universal Energy Corp. was served and it has been a long run, but an agreement has finally been reached. The terms of this settlement state that 55 percent of the principal balance plus interest is to be paid, Universal Energy Corp. is able to purchase its debentures with two equal cash payments, and the first of those payments is due no later than May 1, 2010 and the second June 1, 2010.
Raley concluded, "Management has set the tone for 2010. All of the Company's convertible debentures have been retired and that's a big step in the right direction. With this lawsuit behind us, we can accurately complete our quarterly filings and resume growing this Company."
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Universal Energy Corp. is a publicly traded energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States. We pursue oil and gas prospects in partnership with oil and gas companies with exploration, development and production expertise. Our prospect areas consist of lands in Louisiana and Texas
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