Unitech Energy announces completion of acquisitions

About this update from Decimus Oil Corp.

[{"type":"text","content":"\n\n\n\nCALGARY, June 24 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV:\nURX) announces that it has completed the acquisitions ("Acquisitions") of all\nof the issued and outstanding shares of Pendor IV Joint Venture Ltd., Pendor V\nJoint Venture Ltd. and Medicine Hat VI Inc. (collectively, the "Companies").\nThe Companies are private, non-reporting issuers with a total combined net\nasset value of less than $100,000. The Companies own oil and gas interests in\nAlberta consisting of seismic data, minor production (currently less than\n$2000 per month in the aggregate) and some undeveloped land. The consideration\npaid for the Companies was effectively satisfied by the recovery by Unitech of\napproximately $87,000 in trade accounts receivable. In addition, the\nAcquisitions resulted in Unitech increasing its working interest in its\nElmworth property from 9.75% to 16.25%.\n\n\nUnitech also announces that, as a condition to the completion of the\nAcquisitions, the vendor of the shares of the Companies purchased 3,000,000\ncommon shares of Unitech at a price of $0.10 per share for gross proceeds to\nUnitech of $300,000. All of these common shares will be subject to a\nfour-month hold period in Canada.\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. Forward-looking information is frequently characterized by\nwords such as "plan", "expect", "project", "intend", "believe", "anticipate",\n"estimate" and other similar words, or statements that certain events or\nconditions "may" or "will" occur. Forward-looking statements are based on the\nopinions and estimates of management at the date the statements are made, and\nare subject to a variety of risks and uncertainties and other factors that\ncould cause actual events or results to diffe...

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