CALGARY, Dec. 28 /CNW/ - Unitech Energy Resources Inc. ("Unitech")
(TSXV: URX) is pleased to announce that it has farmed-out approximately 7% of
its high impact Keg River prospect in NE British Columbia (the "Prospect").
Unitech recently closed its fully-subscribed $1.35 million Inverted Special
Warrant private placement which closing provided the funds to acquire an
additional and approximate 23% non-promoted working interest in the high
impact prospect. Prior to the private placement closing, Unitech held an
approximate 7% working interest which, when combined with the new interest,
would have provided for Unitech to hold an approximate 30% working interest.
Unitech management believes it is in the best interests of the shareholders to
preserve working capital over its 23% working interest requirement and the
farm out was conducted to satisfy this need. The working interest was
farmed-out on a promoted basis which allows for Unitech to maintain an
interest in the farmed-out portion without the attendant capital risk.
The test well on the Prospect, which was drilled and cased in the Spring
of 2007, is now ready for completion and the operator has notified Unitech
that the completion process has begun. The completion is expected in January,
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. 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.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
securities offered have not and will not be registered under the United States
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be offered or sold in the United States absent registration or an applicable
exemption from the registration requirement.
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For further information:
For further information: Unitech Energy Resources Inc., Steve Price,
President, T (403) 236-1170, E firstname.lastname@example.org; CHF Investor Relations,
Robin Cook, Account Manager, T (416) 868-1079 (ext. 228), E email@example.com