CALGARY, Dec. 14 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) is pleased to announce that the operator of its Keg River prospect in NE British Columbia has notified Unitech that completion of the test well (the "Well") has commenced. The operator has stated that the intention is to proceed to completion as quickly as possible and that the completion may occur prior to December 31, 2007, depending on availability of equipment. The Well was drilled and cased in the spring of 2007 to within approximately 50 metres of the target Keg River formation.
Unitech has the right to earn up to an additional approximate 23% working interest in the prospect, which if fully exercised and combined with Unitech's current working interest, could achieve a combined working interest of approximately 31% in this high impact prospect.
3-D seismic interpretation indicates a structure believed to be similar to the nearby YoYo and Sierra fields, which have produced more that 2 TCF combined, and where numerous single wells have produced in excess of 40 BCF.
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. Unitech 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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