Universal Bioenergy, an alternative energy company, has signed a letter of intent with ProGas Energy Services to jointly develop a newly discovered oil and gas field located in Texas' Gulf Coast natural trend in Jim Wells County.
The plans include the development of ten initial wells, and the potential development of up to 110 wells from this field, to supply oil and natural gas for Universal Bioenergy’s customers nationwide.
This joint venture will provide Universal Bioenergy with a source of natural gas of its own, which can be marketed to its major utility gas customers throughout the US, the company said.
Universal Bioenergy senior vice president Solomon Ali said that the company intends to move quickly towards negotiating a final signed agreement.