Business
Unitech Energy sells two more LeadScan Regional Studies
CALGARY, Dec. 17 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) announces it has e...
About this update from Decimus Oil Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Dec. 17 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV:\nURX) announces it has entered into two separate agreements with an industry\nparticipant (the "Buyer") pursuant to which Unitech will generate two LeadScan\nRegional Studies (the "Studies") for the Buyer.\n\n\nUnitech is to use its proprietary LeadScan technology to scan\napproximately 25,000 intervals (defined as up to 50 metres of wellbore depth)\nin southern Saskatchewan and deliver the new Studies to the Buyer before\nyear-end 2008. Unitech will receive consideration of $108,000 in cash plus\nadditional non-cash consideration. The non-cash consideration provides an\nentry to Unitech into a new exploratory Roseary oil prospect in southwest\nSaskatchewan which would otherwise not be available. Unitech will be carried\nfor 10% through to production on the first well with no cash-outlay, after\nwhich it will have earned a 5% gross overriding royalty ("GOR") and a 5%\nworking interest in any follow-up wells. The industry partner expects to drill\nthe prospect in 2009.\n\n\nOn completion of the Study, Unitech anticipates recording the $108,000\ncash component of the study as revenue, and any further benefits, if any,\nrealized under the GOR or any working interest acquired under the agreements,\nin income only as income is realized from those rights.\n\n\nThese two agreements are in addition to the agreement announced on\nDecember 4, 2008 and bring the total cash component of 2008 LeadScan study\nsales to approximately $208,000.\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 c...