We would like to highlight Universal Energy Corp. (OTCBB: UVSE). The company 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.
In the company’s news Wednesday,
Universal Energy Corp. reported net income at $2.9 million for the first quarter of 2008, up from a loss of $2.03 million for the second quarter of 2007. On a six-month scale, the company posted $3.55 million for the period ended June 30, 2008, up from a loss of $2.7 million the same period the year prior.
Revenue for the second quarter of fiscal 2008 totaled $0.33 million, derived from operations of producing wells in the Company’s Lake Campo and Amberjack prospects. Dyron Watford, Universal Energy Corp. chairman and CEO said financial results point to a strengthening company.
“Exceeding the high end of our revenue guidance for the quarter by 11% is fantastic. As we continue to increase revenues with production in the third quarter from Caviar #1 and Caviar #4, the financial picture for Universal Energy becomes more solid with each day of production,” Watford stated in the press release.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
