UPDA Completes Restructuring with Resignation of Two Remaining Board Members - Obtains $3.5 Million in New Financing - Oil and Gas Company to Focus on New Opportunities for Growth

HOUSTON--(Business Wire)--
Universal Property Development and Acquisition Corporation (Pink Sheets:UPDV)
has accepted the resignation of Chris McCauley and Steve Barrera from its Board
of Directors thereby completing the corporate restructuring initiated with the
resignation of former CEO Kamal Abdallah several months ago. While Mr. Barrera
had served only on the board of UPDA, Mr. McCauley also resigned his positions
with UPDA affiliates, Heartland Oil and Gas Inc. and Continental Fuels, Inc.

"With the acceptance of these resignations, we are well positioned to pursue our
primary objectives -the re-establishment of corporate credibility, to rebuild
shareholder value and grow the company and its subsidiaries," said Tim Brink,
Chairman of the Board. "Since last November, our biggest lender injected another
$3.5 million into the company and we consolidated the management and reduced our
overhead drastically. These measures will enable us to focus on new
opportunities and profitably grow the companies."

"It is our intention from this point to return UPDA to its commitment to
corporate transparency and accountability," continued Chairman Brink. "In this
regard, we will begin issuing regular updates and utilizing all forms of
technology to communicate with our loyal shareholders. To that end, we have this
week established an account on Twitter where we can be followed as UPDANEWS."

Statements contained in this press release that are not based upon current or
historical fact are forward-looking in nature. Such forward-looking statements
reflect the current views of management with respect to future events and are
subject to certain risks, uncertainties, and assumptions. Should one or more of
these risks or uncertainties materialize or should underlying assumptions prove
incorrect, actual results may vary materially from those described herein as
anticipated, believed, estimated, expected, or described pursuant to similar
expressions.

UPDA
Timothy Brink, Chairman, 713-231-0330

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