CALGARY, June 24 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) announces that it has completed the acquisitions ("Acquisitions") of all of the issued and outstanding shares of Pendor IV Joint Venture Ltd., Pendor V Joint Venture Ltd. and Medicine Hat VI Inc. (collectively, the "Companies"). The Companies are private, non-reporting issuers with a total combined net asset value of less than $100,000. The Companies own oil and gas interests in Alberta consisting of seismic data, minor production (currently less than $2000 per month in the aggregate) and some undeveloped land. The consideration paid for the Companies was effectively satisfied by the recovery by Unitech of approximately $87,000 in trade accounts receivable. In addition, the Acquisitions resulted in Unitech increasing its working interest in its Elmworth property from 9.75% to 16.25%.
Unitech also announces that, as a condition to the completion of the Acquisitions, the vendor of the shares of the Companies purchased 3,000,000 common shares of Unitech at a price of $0.10 per share for gross proceeds to Unitech of $300,000. All of these common shares will be subject to a four-month hold period in Canada.
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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