Universal Energy Group Ltd.

Universal Energy Group Ltd.

March 19, 2009 16:22 ET

Universal Energy Enters Into Settlement Agreement With the Michigan Public Service Commission

TORONTO, ONTARIO--(Marketwire - March 19, 2009) - Universal Energy Group Ltd. (the "Company") (TSX:UEG) announced today that a subsidiary of its gas and electricity marketing business, Universal Gas and Electric Corporation (UGE), has entered into a settlement agreement with the staff and counsel of the Michigan Public Service Commission (MPSC) in respect of the MPSC's investigation into UGE's marketing of natural gas to customers in the state of Michigan. The settlement agreement is conditional upon the approval of the MPSC. Under the terms of the agreement, UGE will pay US$300,000 to the MPSC to cover costs incurred during its investigation.

Mark Silver, CEO of the Company commented "We are pleased to put the MPSC's review behind us and will immediately refocus our efforts on growing our business in the state of Michigan."

Universal Energy Group's common shares and convertible subordinated debentures are listed on the Toronto Stock Exchange under the symbol "UEG" and "UEG.DB", respectively. Universal Energy Group sells natural gas and electricity to residential, small to mid-size commercial and small industrial customers in Canada and the United States, sells long-term water heater rental programs to Ontario residential customers and operates an ethanol manufacturing facility in Belle Plaine, Saskatchewan. Additional information about Universal Energy Group is available on SEDAR (www.sedar.com).

Contact Information

  • Universal Energy Group Ltd.
    Stephen Plummer
    Chief Financial Officer
    (416) 673-1160
    Universal Energy Group Ltd.
    Shawn Dym
    Senior Vice President, Business Development
    (416) 673-4761