CALGARY, Jan. 25 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) today announces that it has been advised by the operator of its Keg River test well in Northeast British Columbia that the drilling operations undertaken with a completion rig is believed to have penetrated the targeted Keg River formation. During the drilling operations, the well produced gas at a significantly lower rate than anticipated, along with large quantities of water. At the present time it is not known whether the water and gas are coming from the same down hole event and logs will now be run in an attempt to make this determination. Further work on the well will be determined after the logs have been run.
Under the terms of the farm-in agreement, Unitech has now earned in 20 British Columbia land Units, the equivalent of 5 sections of land as well as the right to participate in any earning wells on an additional 3 sections of land.
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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