UBRG News .007

Universal Bioenergy's NDR Energy Group Signs MOU With All Nations Bakken Reserve to Develop Major Energy Project in the Bakkens Shale Formation

2012-11-27 06:30 ET - News Release

IRVINE, Calif., Nov. 27, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG.PK), a publicly traded independent diversified energy company, that markets and distributes natural gas, propane and coal, announced that NDR Energy Group, its subsidiary in Charlotte, has signed a Memorandum of Understanding (MOU), with All Nations Bakken Reserve LLC (ANBR), in a joint venture to develop an oil and gas play in the Bakken oil and gas field located in North Dakota and Montana.

The joint venture will pursue the development of four distinct businesses that will include,

a. Land Acquisition – optimizing land identification, structure and pricing

b. Financing – obtaining the required financing and optimizing debt and equity capital structures

c. Drilling and Capture – exploration, extraction and maintenance operations

d. Distribution – marketing, sales and distribution of the oil and gas products for maximum profit

The Bakken oil and gas Shale formation occupies about 200,000 square miles of the subsurface of the Williston Basin , underlying parts of Montana and North Dakota in the U.S., and Saskatchewan and Manitoba in Canada. An April 2008 United States Geological Survey (USGS) report estimated the amount of technically recoverable oil using technology readily available at the end of 2007 within the Bakken Formation at 3.0 to 4.3 billion barrels, with a mean of 3.65 billion. The state of North Dakota also released a report that month which estimated that there are 2.1 billion barrels of technically recoverable oil in the Bakken. Various other estimates place the total reserves, recoverable and non-recoverable with today's technology, at up to 24 billion barrels. The most recent estimate places the figure at 18 billion barrels.