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CALGARY, Sept. 9 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) is pleased to provide an update on its operations.
1. Stettler Basal Quartz well - Unitech has been notified by the
operator that a pressure gradient has been run on the well,
indicating 8300 kPa bottom-hole pressure. This pressure is typical of
virgin Basal Quartz reservoirs in the area, and therefore may
indicate the discovery of a new pool. A small stimulation is being
planned to increase the productivity of the well which is expected to
be on-stream in the near future. Unitech has earned a 25% working
interest in the well and associated lands;
2. New Farm-in Announced in Central Alberta - in return for paying 35%
of the costs associated with re-connecting the suspended gas well at
10-29-030-03W5, the Company will earn a 35% working interest in the
well, subject to a 12.5% lessor's royalty. The Company's portion of
the costs is expected to be less than $100,000. This well was
originally drilled in 1965 and has produced approximately 14.5 BCF
from the Basal Quartz formation. The well was shut-in in September,
2004, with a last production rate of 545mcf/day. Included in the
agreement are rights from the lower Cardium formation to the base of
the Manville formation. The Company expects to begin the reconnection
work in the near future;
3. Medicine Hat farm-out - the Company has been notified by a major oil
and gas company that it has elected to drill a follow-up well on
lands acquired by the Company in a transaction announced on June 24,
2008. The Company will receive a 2.25% gross overriding royalty on
any production from the new well;
4. SE Saskatchewan lands - the Company has been notified by the Operator
that it intends to drill up to 4 wells prior to December 31, 2008.
Through the Leadscan study provided to the Operator at the end of
2007, the Company had acquired a participation right of up to 15% and
a 3% gross overriding royalty on the lands where the planned wells
are to be drilled. If the Company elects to exercise its
participation right, drilling funds would be provided from the recent
offering which closed July 29, 2008. Regardless of the Company's
level of participation, all production from these wells would be
subject to a 3% gross overriding royalty payable to the Company.
About Unitech Energy Resources Inc.
Unitech uses its proprietary image analysis and pattern recognition system, called Leadscan, for a 'first look advantage' that drives Unitech's exploration strategy. Please visit Unitech's website at www.leadscan.ca. Shares of Unitech are listed for trading on the TSX Venture Exchange under the symbol URX.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include but are not limited to risks inherent in the oil and gas industry, regulatory and economic risks, and risks associated with the company's ability to implement its business plan. The company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for, the adequacy or accuracy of this release.