IRVINE, Calif., June 22, 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 as part of its plans to accelerate the company's growth and expansion, that its subsidiary NDR Energy Group, has signed a contract in a joint venture with Houston based Space City Energy Marketing LLC. Space City Energy Marketing will market and distribute NDR Energy Group's expanding energy products line, including natural gas, propane and refined petroleum products through Space City's distribution channels.
Space City Energy will market and distribute the energy products to its existing customer relationships in the energy industry, and provide NDR Energy with the management of natural gas and power transactions for its gas storage program. The executives at Space City Energy have 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 energy asset management. The joint venture will create a strong symbiotic relationship for NDR Energy and Space City Energy, and establish a solid platform to expand horizontally, and rapidly market their energy products throughout the U.S.
On May 2, 2012, Universal announced that NDR Energy Group, signed a Master Core Secondary Market Services Agreement, with one of the largest natural gas distribution companies in the U.S., under their Park, Loan and Wheel Program for natural gas storage services. NDR Energy Group will purchase and transport the natural gas from the gas fields to the facility for storage. The transactions will allow NDR to engage in futures contracts and spot market sales, physical gas trading, financial gas trading and hedging. Space City Energy will help NDR Energy Group to meet the needs for this natural gas storage contract.
Universal's President Vince M. Guest states, "We're very excited about our new joint venture with Space City Energy. Our goal is to start to generate solid and steady earnings for the Company, and we believe this joint venture will help us to achieve that. The new offices in Houston are up and running, and Space City has already begun to provide some of their staff to operate there to execute our marketing and sales strategy. Space City's goal in cooperation with NDR Energy is to begin generating sales as quickly as possible from our products with high profit margins, which will include natural gas, gas storage, gas trading, propane and refined petroleum based energy products. We believe our combined efforts should help us meet our goals to build a company with strong earnings in a much shorter period of time."
About Universal Bioenergy Inc.
Founded in 2004, Universal Bioenergy Inc., is a publicly traded independent diversified energy company that produces, markets and distributes natural gas, petroleum, coal, propane and refined petroleum products. 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
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.