Business
Unitech Energy Resources Updates Exploration Program
Unitech Energy Resources Updates Exploration Program.
About this update from Decimus Oil Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Dec. 15 /CNW/ - Unitech Energy Resources Inc. (\"Unitech\") (TSXV:\nURX) announces that it has participated in the drilling of a well located at\n1-22-65-8W6M in the Wapiti field in the deep basin of Alberta. The well was\ndrilled and fracture stimulated and is currently flowing back gas and liquids\nat restricted rates while under test and cleanup. Unitech farmed into the\nsingle section by paying a maximum capital cost of $270,000 to earn a\nproportionate working interest in the well, estimated at between 8% and 10%\nbefore payout, depending upon final total costs of the well. By participating\nin the drilling of the Wapiti well, Unitech will have fulfilled all of its\nflow-through obligations for 2006.\n\n\nUnitech also announces that its two Paddle River wells have now been\ntested and found to be non-productive. Both wells encountered fresh water in\nthe target sands, and the uphole gas was tested at non-commercial rates.\nUnitech is currently in the process of abandoning these wells. Further work on\nthe Paddle River prospect will be dependent on the determination of the\nlateral extent of the fresh water, which is now under review.\n\n\nUnitech uses LeadScan, its proprietary image analysis and pattern\nrecognition system, to assist in its focus on high-working-interest, lower\nrisk, oil and gas plays. Unitech's website is www.leadscan.ca.\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 differ materially from those\nanticipated in the forward-looking statements, which include but are not\nlimited to risks inherent in the oil and gas industry, regulatory and economic\nrisks, and risks associated with the company's ability to implement its\nbusiness plan. The company undertake no obligation to upda...