Universal Energy Resources, Inc. Updates Commercial Gas Find and Drilling Operations

  
    
  
  
    
      Universal Energy Resources, Inc. (the "Company") announced today updated 
      drilling operations through Tuesday, February 27, 2007. The Company is a 
      private venture formed by the principals of Grifco International, Inc. 
      (Pink Sheets:GFCI) to take advantage of oil and gas production 
      opportunities including 208 drill sites in Crockett County, Texas 
      without risking and/or otherwise encumbering the assets of the public 
      company.
    
    
      The following is an update of the drilling operations at Adams 127 Well 
      Number 12.
    
    
      
        2/26/07 Flaring gas, drilled additional footage, tripped out of hole, 
        taking on significant gas, flaring on a continual basis.
      
      
        2/27/07 Logged well, log indicates 165 ft. of commercial viable 
        producing formation. Flaring gas, running 4 ½” 
        casing to total depth.
      
    
    
      To view current photos of Adams 12 please click http://www.photoshow.net/watch/bU6yB4bs
    
    
      The Company is currently in negotiations with Grifco to "go public" and 
      thereafter enter into a share exchange with the shareholders of Grifco 
      in consideration of utilizing management expertise and know how. 
      Comprehensive engineering and reserve reports have been prepared on the 
      208 drill sites with further details to follow.
    
    
      Forward-Looking Statements:
    
    
      Certain statements in this release, and other written or oral statements 
      made by the Company, including the use of the words "expect," 
      "anticipate," "estimate," "project," "forecast," "outlook," "target," 
      "objective," "plan," "goal," "pursue," "on track," and similar 
      expressions, are "forward-looking statements" within the meaning of 
      Section 27A of the Securities Act of 1933 and Section 21E of the 
      Securities Exchange Act of 1934, as amended. These forward-looking 
      statements are subject to known and unknown risks, uncertainties and 
      other factors that may cause actual results, performance, or 
      achievements of the company to be different from those expressed or 
      implied. The Company assumes no obligation and does not intend to update 
      these forward-looking statements. Among the important factors that could 
      cause actual results to differ materially from those indicated by such 
      forward-looking statements include, without limitation: competitive and 
      general economic conditions, adverse effects of litigation, the timely 
      development and acceptance of our products and services, significant 
      changes in the competitive environment, the failure to generate or the 
      loss of significant numbers of customers, the loss of senior management 
      or increased government regulation.