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Unitech Energy and Avenger Petroleum Join Forces in Northeast BC
Unitech Energy and Avenger Petroleum Join Forces in Northeast BC.
About this update from Decimus Oil Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, April 4 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV:\nURX) today announced that it has entered into a farm-in agreement with Avenger\nPetroleum Inc. whereby Unitech will participate in the drilling of a well in\nnortheast British Columbia at c-B67-K/94-I-14. The target is the Keg River\nformation in the Kotcho field, where seismic analysis covering the prospect\nindicates a possible Pine Point (Keg River) lower level reef build up\nequivalent in age to the nearby Yoyo and Sierra reefs (which have produced\ngreater than 1 TCF each). Wells drilled in the giant Yoyo (8 km south) and\nSierra (21 km south) gas fields have produced between 40 to 60 BCF per well\nfrom fully developed reefs of the Devonian Pine Point formation. It should be\nnoted that Unitech's prospect is interpreted to be a lower reef build up as\nopposed to the large pools mentioned above, with anticipated recoveries more\nsimilar to the smaller pools found in the Yoyo and Sierra gas fields.\n\n\nSteve Price, President of Unitech Energy Resources Inc., commented, "We\nhave high expectations for success here which would propel Unitech to the next\nlevel."\n\n\nUnitech has agreed to incur up to $482,580 in capital expenditures for a\n15% working interest, with a number of additional well locations pending a\nsuccessful outcome of the earning well. The working interest would decrease in\nthe event that costs are greater than initially expected. The expenditures\nrelated to this well will satisfy all of Unitech's flow-through obligations\nfor its flow-through funds raised in 2006. The well is currently being drilled\nand Keg River contact is expected by April 30, 2007. Subject to the ongoing\nterms of the farm-in agreement, rights to additional lands along the same\ntrend have also been acquired.\n\n\nAbout Unitech Energy Resources Inc.\n\n\nUnitech uses its proprietary image analysis and pattern recognition\nsystem, called Leadscan, for a 'first look advantage' that drives Unitech's\nexploration strategy. Please visit Unitech's website at www.leadscan.ca.\nShares of Unitech are listed for trading on the TSX Venture Exchange under the\nsymbol URX.\n\n\nExcept for statements of historical fact, this news release contains\ncertain "forward-looking information" within the meaning of applicable\nsecurities law. Forw...