IRVINE, Calif., May 31, 2012 (GLOBE NEWSWIRE) -- Universal Bioenergy Inc., (OTCMarkets:UBRG), a publicly traded independent diversified energy company, that markets and distributes natural gas, propane, petroleum and coal, announced today that its subsidiary NDR Energy Group, is in final negotiations for a joint venture with Houston based Space City Energy Management. Space City will provide NDR with the management of natural gas and power transactions for its gas storage program in an effort to generate millions in additional revenues.
Space City Energy Management, will provide NDR Energy with the contracted services to meet the needs and services for the natural gas storage services in association with NDR Energy in their new Houston offices. Space City Energy has over 40 years of combined experience in natural gas storage, gas procurement, storage exchange transactions, power purchasing, daily balancing, nominations, scheduling and other aspects of asset management.
On May 2, 2012, Universal announced that NDR Energy Group, signed a Master Core Secondary Market Services Agreement, under their Park, Loan and Wheel Program with one of the largest natural gas distribution company in the U.S.,for natural gas storage services. The gas distribution company owns and operates 134 billion cubic feet of underground gas storage facilities, and supplies and delivers natural gas to over 20.9 million customers on the west coast. NDR Energy Group will purchase and transport the natural gas from the gas fields to the facility for storage. The resulting transaction will allow NDR to engage in futures contracts and spot market sales, physical gas trading, financial gas trading and hedging.
NDR Energy Group's, President and CEO Ken Harris stated: "This is an extremely significant development for NDR Energy Group. Our combined book of business provides us with pervasive relationships in the national energy community. In addition, Mike Duvall, the CEO of Space City Energy, is an industry veteran who is an expert concerning Park & Loan transactions, storage balancing, transportation arbitrage and wholesale/retail power marketing. Of course, we have recently entered into a Park and Loan relationship with one of the largest utilities in the U.S. Additionally, we are actively engaged in discussions with our financial relationships to facilitate the first transaction under our Park and Loan transaction. The timing could not be better."
Harris stated further, "From a standpoint of corporate social responsibility, we plan to assist Space City Energy in promoting their Veterans program, as Mike Duvall has done a tremendous job in developing a critical energy program to help veterans waive their energy deposits and obtain discount power rates in the eleven energy deregulated States. There are tremendous synergies here. Furthermore, Space City Energy Management and Mike Duvall are based in the Houston area. Resultantly, this adds substantially to the utility of our new Houston offices. Mike will be spending significant time working out of our Houston offices."
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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