IRVINE, Calif., Sept. 14, 2011 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc. (Pink Sheets:UBRG), a publicly traded natural and alternative energy company, announced the Company is projecting a 100% increase in revenues, to about $100 million for 2011, and is working to produce positive earnings. During the first six months of 2011, Universal generated record revenues of $36,048,232, which equals 87% of the $41,320,647 in revenues for 2010. The Company is finalizing negotiations to acquire several very large multi-million natural gas contracts, some in the $15 to 20 million range, for 6 to 10 new utility customers. When these new agreements are obtained, it would increase their national customer base from 28 to 32 customers.
The Company's primary focus is the production, marketing and sales of natural gas, oil and alternative energy. Through its subsidiary NDR Energy Group, they sell natural gas to 22 of the largest public utilities, electric power producers and local gas distribution companies that serve millions of commercial, industrial and residential customers throughout the country. Universal is also engaged in the acquisition of oil and gas fields, leases, and development of newly discovered or recently discovered oil and gas fields, and re-entering existing wells.
Vince M. Guest, Universal's President, says, "Our continued pursuit in executing our business model paid off very well during the first six months of this year. We posted strong sales results of $36 million despite the lagging economy. We are building a roadmap for success for our long-term investors, and plan to continue our innovative growth by more acquisitions in the natural gas, petroleum and alternative energy industries. Management believes, based on our last twelve trailing months of revenues of $63.38 million, and the annual sales per share, our stock may be undervalued. Based on our backlog of orders, we are projecting revenues in the range of $80 to $100 million this year. Progas Energy Services has started selling oil and gas from our wells in Texas to the Tennessee Gas Pipeline. We anticipate receiving revenues from the sale of that oil and gas very shortly. Progas is also planning to initiate drilling of 15 to 20 new development wells in the next 30 to 60 days. Our plans are to aggregate the purchase of our gas supply through a large number of independent producers with long-term purchase agreements for our customers, which should generate millions in additional revenues and increase potential earnings. We are also planning a marketing campaign to increase our brand awareness in the national media. We believe these plans will have a very positive effect on the value of our stock and our shareholders."
About The Company
Universal Bioenergy Inc. is an alternative energy company, and intends to create and market natural and alternative energy sources including natural gas, petroleum, solar, biofuels, wind, synthetic fuels and related energy technology products. It plans to become one of the largest independent energy companies in the U.S.
The Universal Bioenergy Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6784
Safe Harbor Statement - There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Universal Bioenergy Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.