HOUSTON, March 31 /PRNewswire-FirstCall/ -- Universal Energy Corp. (OTC Bulletin Board: UVSE), a growth oriented oil and gas exploration and production company, today announced that it has signed a letter of intent to acquire ownership of Ness Energy of Israel, Inc. ("Ness") from creditors of Ness. Further, the Company is in negotiations with creditors of Ness that could also lead to an acquisition of certain assets of Ness Energy International Inc. This announcement follows the launch of the Company's recently announced 2009 Acquisition Plan.

"The acquisition of the operations and assets of Ness is substantial", commented Billy Raley, CEO of Universal Energy Corp. Raley continued, "Increasing our reserve base of producing oil assets while increasing our monthly cash flow is a corporate initiative that we fully intend to accomplish for our stockholders. We intend to structure this purchase so that it does not have any dilutive impact on us stockholders."

The Letter of Intent includes provisions whereby the two parties will move forward to execute and deliver a definitive purchase and sale agreement within a short period of time. Additional information regarding the operations and assets covered by this agreement will be released later this week.

Universal Energy Corp. is a publicly traded (OTC Bulletin Board: UVSE) energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States. We pursue oil and gas prospects in partnership with oil and gas companies with exploration, development and production expertise. Our prospect areas consist of lands in Louisiana and Texas. Visit www.universalenergycorp.info for more details.

Forward Looking Statements - The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein. 

    CONTACT:
    Universal Energy Corp.
    Billy Raley, CEO, (800) 975-2076
    braley@universalenergycorp.info

SOURCE Universal Energy Corp.