IRVINE, Calif., Aug. 24, 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 that its subsidiary, NDR Energy Group, sold over 1.70 billion cubic feet (Bcf) of natural gas, for the month August, that will generate millions in sales revenues.
The volume of natural gas sold by NDR Energy, is exceptional given the soft market conditions in the industry for the first half of 2012. The 1.70 billion cubic feet of natural gas sold in August, is a 46.67% increase over the 1.16 billion cubic feet of natural gas sold for the month of August 2011. These sales have already been booked and sold, and the gas is currently being shipped to its electric utility customers and local distribution companies (LDC) for August.
Universal Bioenergy is a high growth company, that generated over $71.74 million in revenues in 2011. Through its subsidiary, NDR Energy Group, it sells natural gas to 30 of the largest public utilities, electric power producers and local gas distribution companies that serve millions of commercial, industrial and residential customers throughout the country.
Universal's President Vince M. Guest states, "We faced some significant challenges this year, however, we are very excited about the 46% increase in sales volume of natural gas achieved by NDR Energy for the month of August. This is a major achievement, especially in view of the soft market conditions in the first half of the year, rising production, record high gas storage inventories and mild weather conditions. There were major obstacles to overcome to achieve 1.70 Bcf, in sales volume. We are very encouraged, and are now starting to see an upward trend in the price of natural gas, and some stabilization in the supply and demand imbalances in the marketplace. This is great news for our shareholders, as we expect the continued upward trends in our sales volume in our third and fourth quarter to offset much of the declines in the first half of 2012."
The U.S. Energy Information Administration, in its Natural Gas Weekly Update Report for August 22, 2012, stated, At the NYMEX, the September 2012 contract ended the week with a net gain, rising from $2.748 per MMBtu last Wednesday to $2.826 per MMBtu yesterday, an increase of 7.8 cents per MMBtu. The 12-Month Strip (average of September 2012 to August 2013 contracts) closed yesterday at $3.316 per MMBtu, up 3.3 cents per MMBtu (1.0 percent) for the week.
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.