Ivanhoe Capital Acquisition Corp. Warrants each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per... IVAN

UPDA canyon creek Texas

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Universal Property Development and Acquisition Corporation (OTCBB:UPDA) and USProduction and Exploration, LLC. (USPX), has increased its oil production to 2000 bopm in Archer County Regular Field as three new wells in the field are turned to sales. Canyon Creek now has four wells producing in the field and anticipates another four wells producing by the end of this week. Canyon Creek will continue to monitor the three new wells, the #1 Jones-Ford, #6 East Vogtsberger and #14 West Vogtsberger, for additional increases in oil production. The Archer County Field represents 1 of the 7 oil and natural gas fields owned by Canyon Creek. Since they were initially brought on-line in late December 2005, the Archer County leases have gradually increased their production to 2000 bopm from 450 bopm. "We are excited about the continued success in Archer County because the leases are exceeding our projections exponentially with each new well," said Donald Orr, President of Canyon Creek. "The oil production from these four wells exceeds the 10-year production average of all the wells combined. The Archer County leases previously produced at an average rate of 25.3 bopd from 9 wells over the past 10 years and they are exceeding that by a factor 2.5 with only four wells in production. As more new wells are turned to sales, we are confident that the daily oil rate will continue its dramatic increase." Canyon Creek has also unexpectedly found considerable gas pressure on the casing annulus. "We are negotiating with a pipeline company to purchase the casinghead gas that is currently shut-in," reported Mr. Orr. "We were caught by surprise by the amount of casinghead gas available at each well since the 10-year production average indicates no prior casinghead gas sales." "In addition to all this good news about the increase in oil production from the presently perforated pay zones, the Company has learned that a Canyon sand at 2,000 feet also appears oil productive on the West Vogtsberger lease," continued Canyon Creek's Orr. "As discussed at our Board meeting, we are now finalizing our geology and will report to UPDA about a plan to drill for this new oil."