IRVINE, Calif., May 24, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company, that markets natural gas, propane, and produces petroleum and coal, announced today that its subsidiary, NDR Energy Group, located in Charlotte, North Carolina, completed its first major transaction to purchase gas from its new west coast gas supplier.
The Company announced on Wednesday that it had signed a new contract with a subsidiary of a $6.44 billion Japanese company headquartered in Tokyo, Japan with offices in 73 countries, and in 10 major U.S. cities. The parent company has production in the North Sea, Indonesia, the Middle East and the United States and is working to acquire further production and exploration interests in Asia and Oceania. The contract allows NDR Energy to obtain natural gas supplies from this supplier, to give it strategic access to large quantities of natural gas for its electric utility customer's on the west coast.
NDR Energy Group will sell the gas to one of the largest combination natural gas and electric utilities in the United States. The utility serves approximately 5.2 million electricity distribution customers and approximately 4.3 million natural gas distribution customers throughout a 70,000-square-mile service area on the west coast. Its parent company is traded on the NYSE and reported revenues of $15.0 billion in its 2011 annual report. NDR Energy Group is to deliver the natural gas supplies to its customer for its electric power generation plant in northern California for the month of June, 2012 with an estimated 20,000 mcf per day, or a total of 600 million cubic feet of gas.
NDR Energy Group's, President and CEO Ken Harris stated: "Yesterday we announced our contracted relationship with a new major west coast natural gas supplier relative to our West Coast operations. Today, I am pleased to announce that we have just completed our first transaction relative to this new supplier relationship. This transaction is a testament to the persistent efforts exhibited by our Vice President of Business Development, Rickey Hart and Gina Roy."
Harris goes on to say, "This transaction is a critical step for our Company as it is the first under this new supplier relationship. Additionally, it is another step in a series of transactions where we are providing natural gas to utilities for electricity generation. Sales for electric power generation are a critical priority for NDR Energy, as such sales allows us a greater measure of insulation from market fluctuations, and unpredictable weather changes. We will continue to emphasize the growth of our natural gas supplier base, and the sale of gas for electric power generation during the remainder of 2012."
About NDR Energy Group LLC
Founded in 2005, NDR Energy Group, headquartered in Charlotte, N.C., is an energy company that markets and distributes natural gas and propane (HD-5), to major electric utilities and municipalities throughout the U.S. NDR provides energy management services to assist its clients in finding efficient and economic solutions. We also can provide other energy products such as refined petroleum products, energy efficient lighting systems and sustainable, alternative and renewable energy solutions to reduce our client's energy costs. For more information visit www.ndrenergy.com.
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About Universal Bioenergy Inc.
Founded in 2004, Universal Bioenergy Inc., is a publicly traded independent diversified energy company that produces and markets natural gas, petroleum, coal and propane. We market energy resources to the largest public utilities, electric power producers and local gas distribution companies in the U.S., that serve millions of commercial, industrial and residential customers. We are also engaged in the acquisition and development of existing or recently discovered oil and gas fields, leases and surface coal mines. For more information visit www.universalbioenergy.com
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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.