CALGARY, July 23 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) is pleased to announce that it has been notified by the operator of its recently announced Stettler Basal Quartz well that the well is now drilled, logged and cased. The well logs indicate approximately 12 metres of sand and the well is to be completed as a gas well. Production rates will be determined as soon as practically possible. Unitech owns a 25% working interest in this well and the section of land where it is located. The operator further advised Unitech that a follow-up well is being planned on the subject section.
Unitech further announces that it has completed the first tranche of its previously announced non-brokered private placement of common shares ("Common Shares") and common shares issued on a flow-through basis ("Flow-Through Shares"). Unitech issued an aggregate of 4,799,100 Common Shares at a price of $0.05 per Common Share and an aggregate of 3,974,100 Flow-Through Shares at a price of $0.07 per Flow-Through Share for aggregate gross proceeds of $518,142. The Common Shares and Flow-Through Shares are all be subject to a four-month hold period.
After closing the first tranche of financing, Unitech has 39,160,090 (undiluted) shares of common stock issued and outstanding.
Unitech may complete a second tranche of the private placement on or about July 28, 2008. Unitech will use the aggregate net proceeds of the private placement to fund Unitech's exploration programs as well as for general corporate purposes.
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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for, the adequacy or accuracy of this release.