Business
Unitech Energy farms out a portion of its Keg River prospect
CALGARY, Dec. 28 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) is pleased to anno...
About this update from Decimus Oil Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Dec. 28 /CNW/ - Unitech Energy Resources Inc. ("Unitech")\n(TSXV: URX) is pleased to announce that it has farmed-out approximately 7% of\nits high impact Keg River prospect in NE British Columbia (the "Prospect").\nUnitech recently closed its fully-subscribed $1.35 million Inverted Special\nWarrant private placement which closing provided the funds to acquire an\nadditional and approximate 23% non-promoted working interest in the high\nimpact prospect. Prior to the private placement closing, Unitech held an\napproximate 7% working interest which, when combined with the new interest,\nwould have provided for Unitech to hold an approximate 30% working interest.\nUnitech management believes it is in the best interests of the shareholders to\npreserve working capital over its 23% working interest requirement and the\nfarm out was conducted to satisfy this need. The working interest was\nfarmed-out on a promoted basis which allows for Unitech to maintain an\ninterest in the farmed-out portion without the attendant capital risk.\n\n\nThe test well on the Prospect, which was drilled and cased in the Spring\nof 2007, is now ready for completion and the operator has notified Unitech\nthat the completion process has begun. The completion is expected in January,\n2008.\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 ...