SANTA BARBARA, CA, Nov. 15, 2011 /CNW/ - Underground Energy Corporation
("Underground" or the "Corporation")(TSXV: UGE), an oil and gas
exploration and development company with assets in the Western United
States, today announced that it has modified the terms of its grant of
options as detailed in the Corporation's press release dated November
10, 2011. Each stock option granted will now entitle the holder
thereof to acquire one common share of the Corporation at an exercise
price of $US0.284 (previously $US0.226). No amendments were made to the
expiry date or vesting provisions under the original grant.
About Underground Energy
Underground is focused on identifying, acquiring rights to, exploring
for, developing and producing oil reserves from shale formations in
North America using the latest exploration and recovery techniques and
technologies. Underground focuses on identifying and acquiring sizable
land positions and prospects in historically prolific but
under-explored shale formations as well as in emerging shale plays
that, in both instances, hold large volumes of oil and gas resources.
UE currently holds mineral rights on approximately 83,284 net acres of
highly prospective lands in California and Nevada with an initial focus
on the Monterey shale in California.
Underground Energy Corporation is listed on the TSX Venture Exchange
under the ticker symbol "UGE". For more information on Underground
please visit www.ugenergy.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Underground Energy Corporation
For further information:
| Peter Ballachey || Simon Clarke |
| Chief Financial Officer || Vice President, Corporate Development |
| Underground Energy Corporation || Underground Energy Corporation |
| Tel: 805-845-4700 x 17 || Tel: 604-551-9665 |