CALGARY, May 6 /CNW/ - United Hunter Oil & Gas Corp. (UHO: TSX-V) ("UHO" or the "Corporation"), is please to advise completion of leasing an additional 4,983 acres
at the Porter Ranch in the Huasna Basin, onshore California. UHO's
percent of the leasing costs was $27,224.60. The total number of acres
leased for this project now stands at 9,051.
The Porter Ranch leases are held by Alamo Creek Oil LLC (Alamo) a
Californian incorporated company, 45% owned and jointly operated by
UHO, 45% by its Mankins Ranch partner Australian Oil Company and 10%
owned by CALOG LLC (wholly owned subsidiary of AOC). The leases were
last explored in the 1980's by Philips Petroleum Company (PPC) who
acquired seismic data, drilled one well and completed extensive
roadworks and well pads for 2 well sites prior to abandoning due to
PPC's decision to withdraw from California completely.
Alamo is in process of acquiring 91 miles of 2D seismic data from PPC
(now ConocoPhilips) which will be reprocessed and evaluated prior to
The Corporation is also pleased to announce that William Smith, CMA, has
been promoted to the position of CFO effective May 5, 2011. The
Corporation wants to thank Brad Griffiths for his work as CFO. Brad is
stepping down from his position as CFO to give him more time to pursue
other business ventures. He will continue to sit on the UHO board and
is a member of the reserves and resource committee and the nomination
and compensation committee.
Additionally, a total of 600,000 options were granted to directors,
officers and employees of the Corporation. The stock option grants are
all subject to regulatory approval. The options have an exercise price
of $0.15 per common share. The options will expire five years from the
date of grant and will vest 1/3 per year for 3 years with the first 1/3
vesting upon grant.
United Hunter Oil & Gas Corp is a Canadian based corporation with
management very experienced in the oil and gas industry and has
projects in California. United Hunter Oil & Gas Corp is publicly traded on TSX Venture Exchange
(TSX-V: UHO). Additional information may be found at
http://www.unitedhunteroil.com and the Corporation's public filings may
be found at http://www.sedar.com.
Certain statements contained in this press release constitute
"forward-looking statements" as such term is used in applicable
Canadian and US securities laws. These statements relate to analyses
and other information that are based upon forecasts of future results,
estimates of amounts not yet determinable and assumptions of
Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or are not statements of historical fact
and should be viewed as "forward-looking statements". Such forward
looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Corporation to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and other factors include,
among others, costs and timing of exploration and production
development, availability of capital to fund exploration and
production development; political, social and other risks inherent in
carrying on business in a foreign jurisdiction, the effects of a
recessionary economy and such other business risks as discussed herein
and other publicly filed disclosure documents. Although the
Corporation has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that such statements
will prove to be accurate as actual results and future events could
vary or differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements contained in this news release.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date the statements are made and the
Corporation undertakes no obligation to update forward-looking
statements and if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable law.
This news release contains forward-looking statements based on
assumptions, uncertainties and management's best estimates of future
events. When used herein, words such as "intended" and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements are based on assumptions by and information
available to the Corporation. Investors are cautioned that such
forward-looking statements involve risks and uncertainties. Actual
results may differ materially from those currently anticipated. The
forward-looking statements contained herein are expressly qualified by
this cautionary statement.
The TSX.V Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
SOURCE United Hunter Oil
For further information:
Dr. Arthur Halleran
Scott Koyich, President
Brisco Capital Partners
Graeme Dick, BMgmt
Brisco Capital Partners