IRVINE, Calif., Jan. 22, 2013 (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 that its subsidiary NDR Energy Group signed a Master Power Purchase and Sale Agreement with an electric power company to sell wholesale electric power. NDR Energy has been engaged in negotiations with several large electric power producers and marketers to purchase their bulk wholesale electric power. NDR Energy will sell the electric power to its electric utility customers to assist them in meeting the base load requirements of their customers, and also sell power to large commercial and industrial customers. The Company is projecting estimated revenues of $96 million to $384 million in annual sales of electric power with greater margins and profits for the Company.
The company supplying the electric power is a subsidiary of a large diversified energy industry leader in acquiring, drilling, producing and reworking oil and gas properties, as well as the wholesale buying and selling of natural gas and electricity throughout the United States and Canada. The company has been in the deregulated electric power industry since 1994, and has been focused on balancing supply and demand needs for electric utilities, independent power producers and other market participants.
NDR Energy's President Ken Harris states, "We continue to experience substantial growth at NDR. One critical component of this process is to grow our product offerings to include additional energy-related commodities. Our new agreement with a very strong power/electric supplier gives us huge momentum as we advance our power/electric division. We have filed our application for a FERC license, and upon our receipt of the license, we will be operational from a power/electric standpoint. I am tremendously proud of our progress. With the initiation of our renewables, solar and wind division, the expansion of our natural gas operations, the growth of our sales staff and the activity in our power/electric division, these are exciting times for NDR!"
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.
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Source:Universal Bioenergy Inc.