CALGARY, June 24 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV:
URX) announces that it has completed the acquisitions ("Acquisitions") of all
of the issued and outstanding shares of Pendor IV Joint Venture Ltd., Pendor V
Joint Venture Ltd. and Medicine Hat VI Inc. (collectively, the "Companies").
The Companies are private, non-reporting issuers with a total combined net
asset value of less than $100,000. The Companies own oil and gas interests in
Alberta consisting of seismic data, minor production (currently less than
$2000 per month in the aggregate) and some undeveloped land. The consideration
paid for the Companies was effectively satisfied by the recovery by Unitech of
approximately $87,000 in trade accounts receivable. In addition, the
Acquisitions resulted in Unitech increasing its working interest in its
Elmworth property from 9.75% to 16.25%.
Unitech also announces that, as a condition to the completion of the
Acquisitions, the vendor of the shares of the Companies purchased 3,000,000
common shares of Unitech at a price of $0.10 per share for gross proceeds to
Unitech of $300,000. All of these common shares will be subject to a
four-month hold period in Canada.
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
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. The company 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.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for, the adequacy or accuracy of this release.
For further information:
For further information: Unitech Energy Resources Inc.: Steve Price,
President, T (403) 236-1170, E email@example.com; CHF Investor Relations:
Robin Cook, Account Manager (ext. 228), T (416) 868-1079, E firstname.lastname@example.org