UPDA Consolidates Ownership of Catlin Field
DALLAS - Catlin Oil and Gas, Inc., a subsidiary of Universal Property Development and Acquisition Corporation has initiated a strategy to consolidate ownership of its Catlin Oil and Gas Field in Jack County, Texas with the acquisition of 21 outstanding working interests in the field.
Working interest is an interest in an oil and gas leasehold which is subject to the payment of the expenses of development, operation and maintenance of a well. The holder of a working interest is also entitled to a percentage of the revenue generated from a well.
In Jack County, Catlin Oil and Gas has acquired outstanding working interests in various leases ranging from as little as 2.66 percent to as much as 50 percent. As a result of these acquisitions, Catlin will streamline operations as it continues to make improvements in the field and will substantially increase its revenue interest in the production from the wells.
“Because of the amount of money UPDA has spent improving this field, Catlin was able to acquire the working interests for what must be described as a nominal sum,” reports UPDA Vice President Chris McCauley. UPDA is now in a position to realize all the benefit of its efforts and to continue the workover of the field unimpeded by the constraints of minor partners. These efforts will increase our operational efficiencies in many ways.”
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