CALGARY, Dec. 15 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) announces that it has participated in the drilling of a well located at 1-22-65-8W6M in the Wapiti field in the deep basin of Alberta. The well was drilled and fracture stimulated and is currently flowing back gas and liquids at restricted rates while under test and cleanup. Unitech farmed into the single section by paying a maximum capital cost of $270,000 to earn a proportionate working interest in the well, estimated at between 8% and 10% before payout, depending upon final total costs of the well. By participating in the drilling of the Wapiti well, Unitech will have fulfilled all of its flow-through obligations for 2006.
Unitech also announces that its two Paddle River wells have now been tested and found to be non-productive. Both wells encountered fresh water in the target sands, and the uphole gas was tested at non-commercial rates. Unitech is currently in the process of abandoning these wells. Further work on the Paddle River prospect will be dependent on the determination of the lateral extent of the fresh water, which is now under review.
Unitech uses LeadScan, its proprietary image analysis and pattern recognition system, to assist in its focus on high-working-interest, lower risk, oil and gas plays. Unitech's website is www.leadscan.ca.
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