CALGARY, May 2 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) has been notified by the operator of its c-B67-K/94-I-14, Kotcho/Keg River play that intermediate casing has been set to approximately 200 metres above the targeted Keg River formation and the drilling rig has been released. The final drilling leg will be performed with a service rig which is expected on the site after the current road ban is lifted. Based on operator reports, Unitech expects this to occur by May 23, 2007.
Unitech is also very pleased to report the appointment of Dwayne Vinck as the new Chief Financial Officer ("CFO"), effective immediately. Mr. Vinck is an independent financial consultant and Chartered Accountant with nineteen years of various business experience including executive leadership, financial leadership, change management, mergers and acquisitions project leadership, Sarbanes Oxley and MI 52-109 project management. Mr. Vinck is a Member of both the Institute of Chartered Accountants of Alberta and the Institute of Internal Auditors.
Pursuant to its stock option plan, Unitech has granted options to Mr. Vinck to acquire up to 125,000 common shares of Unitech at a price of $0.30 per share and up to 125,000 common shares of Unitech at a price of $0.40 per share, all for a five year term expiring on May 1, 2012. On April 27, 2007, the last day that Unitech's common shares traded prior to the granting of the stock options, the closing price of Unitech's common shares on the TSX Venture Exchange was $0.22 per share. The options, and any common shares issued upon exercise of the options, are subject to a four month hold period expiring September 2, 2007.
The outgoing CFO, Greg Kautz, came to Unitech from NR2 Resources Corporation and has, with the finalization of Unitech's audited financial statements for the year ended December 31, 2006, now completed his transition period goals. Mr. Kautz has elected to devote more time to personal pursuits and a smaller client base. Mr. Kautz has served Unitech well and we wish him all the best in his future endeavours. He will remain as a Director of Unitech until the annual shareholders' meeting scheduled for June 19, 2007 whereupon Mr. Vinck will stand to replace Mr. Kautz on the Board of Directors.
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.
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