Business
United Energy Announces Update to Major Acquisition
United Energy Announces Update to Major Acquisition.
About this update from United Energy Corp.
[{"type":"text","content":"\nUnited Energy (OTCMKTS:UNRG):\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211027005194/en/Today United Energy announces it has reached an agreement to acquire the remaining 51% of properties located in Nowata, Washington, Rogers, and Tulsa Counties in Oklahoma and Montgomery County in Kansas, also known as the Cherokee Basin. “This acquisition gives United Energy 100% control of its operations and was a key essential step in our developmental plans and growth in shareholder value.” Brian Guinn, UE CEO. \nCombined with its reactivation of several compressor sites and leases from its existing assets, United Energy is confident the Company will reach its production target of 2,500 MCFD by Q4. United Energy’s leadership team has over 150 years of combined experience – including key performance areas such as: Investment strategies, acquisitions, development of more than 500,000 acres of oil and gas leasehold, extensive experience in the securities industry and energy field operations at every level. Profitability. Responsibility. Sustainability. United Energy Corporation. (Graphic: Business Wire)\nToday United Energy announces it has reached an agreement to acquire the remaining 51% of properties located in Nowata, Washington, Rogers, and Tulsa Counties in Oklahoma and Montgomery County in Kansas, also known as the Cherokee Basin. “This acquisition gives United Energy 100% control of its operations and was a key essential step in our developmental plans and growth in shareholder value.” Brian Guinn, UE CEO.\n\nOn October 4th United Energy announced it had acquired 49% non-operated ownership in 200,000 acres of oil and natural gas leasehold in Northeastern Oklahoma and Southeastern Kansas including approximately 2,200 wells and 1,000 miles of natural gas pipelines and gathering systems.\n\nThe majority of these assets were purchased by Constellation Energy Partners from Newfield Exploration Company for $128 million in 2007. The newly acquired assets once reached peaked production of 20,000 MCFD in 2005 and peak oil production of 325 BOPD in 2014.\n\nThe dynamic of rising natural gas demand and historic low inventories makes United Energy’s entry into this region a significant strategic decision. Natural gas prices have doubled...