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

  
    
  
  
    
      Universal Energy Resources, Inc. (the "Company") announced today updated 
      drilling operations through April 17th, 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.
    
    
      
        3/30/07 Perforated pay zones
      
      
        4/02/07 Ran 2 3/8” tubing
      
      
        4/03/07 Finished running 2 3/8” tubing
      
      
        4/05/07 Completed and fractured well using BJ Services, began flowing 
        back well.
      
      
        4/06/07 Flowed back well
      
      
        4/08/07 Killed well, 1150 psi on casing and 750 psi on tubing
      
      
        4/09/07 1350 psi on casing and 1350 psi on tubing, rigged up water 
        separator and transmission line to pipeline.
      
      
        4/10/07 Began producing natural gas, initial production rates are 
        averaging 400 mcf/day
      
      
        4/11/07 Well slugging significant fluids with gas, reduced production 
        rate to 150 mcf/day to allow well to give up fluid
      
      
        4/17/07 Well stopped giving up fluid increased production to 350 
        mcf/day
      
      
        4/18/07 Ordered 4 point test to determine optimum production rates. 
        This test will be conducted the week of 4/22/07.
      
    
    
      Once testing is completed and management determines the optimum 
      production rates, we will publish that data. To view photographs taken 
      during the completion of Adams 127 well #12 please click http://www.photoshow.net/viewshow/ff3Pp4Ta.
    
    
      The Company is currently in negotiations with Grifco to "go public" and 
      thereafter it is the intention of Universal Energy Resources, Inc. to 
      dividend out the assets via shares of Universal Energy Resources, Inc. 
      to Grifco shareholders 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.