Unitech Energy provides an operations update



    CALGARY, Feb. 27 /CNW/ - Unitech Energy Resources Inc. ("Unitech" or the
"Company") (TSXV: URX) is pleased to announce the following updates to its
operations:

    
    1.  Kotcho, B.C. - Unitech has been advised that the current operator of
        the Kotcho c-B67-K/94-E-14 test well in N.E. British Columbia
        ("Disposal Well"), in which Unitech has an approximate 23% working
        interest and for which a salt water disposal license was recently
        granted, has signed a letter of intent to sell the operator's
        approximate 70% working interest in the Disposal Well to an
        established disposal well operator ("Disposal Operator"). Unitech was
        also approached by the Disposal Operator to sell Unitech's working
        interest in the Disposal Well but, upon analysis of the disposal
        opportunity, Unitech concluded that it was in the Company's best
        interests to remain a participant in the Disposal Well. Unitech has
        been advised that the Disposal Well Operator is currently acting to
        place the Disposal Well on disposal, with the first injection under
        the disposal licence to commence by mid-March 2009. This new facility
        is expected to operate continuously throughout the year.

    2.  Caroline gas well - Unitech is the operator of, and holds a 35%
        working interest in, the 10-29-030-03W5 gas well. This well has been
        pressure tested and preliminary results, using standard engineering
        material balance calculations, indicate remaining reserves of
        approximately 5 BCF. Flow tests were conducted at rates in excess of
        1MMcf per day and it is expected that the well will initially produce
        at greater than 500 Mcf per day. Pipeline installation is expected
        within 60 days with production expecting to commence shortly
        thereafter. The Company has sufficient cash on hand to funds its
        obligations for this play.

    3.  Garrington oil well - The operator of the Garrington 4-20-34-3W5
        well, in which Unitech has a 50% before payout and 25% after payout
        working interest, reports that the well was fracture stimulated as
        planned and is producing both oil and gas at intermittent rates while
        on cleanup. Work continues on the well to determine the optimal
        production configuration for the plunger lift system. The Company
        believes that this well will be a producing well but cannot project
        net returns to the Company at this time.

    4.  Stettler gas well - At current market pricing, the Company does not
        expect economic production from the 02/10-31-39-18W4 well, however,
        the operator of this well continues to look for alternatives to
        increase its productive capabilities.

    5.  LeadScan Study overrides - The operator of one of the override
        properties for whom a LeadScan study was performed, has informed the
        Company that a well on the subject lands has been fracture stimulated
        and has exceeded expectations. This well was a test well for a shale
        gas prospect which ultimately will be exploited using the horizontal
        multi-frac technique. The operator of the well is currently gathering
        additional flow and pressure data for analysis. The pressure data
        will be collected by downhole pressure gauges and will take 30 to 45
        days before retrieval of the gauges for analysis of the data. The
        timing of follow-up production drilling was not announced. Unitech
        has a 5% no-deduction gross overriding royalty on 4 contiguous
        sections of land on the prospect.
    

    There are no other activities to report on other lands in which Unitech
earned an interest by providing LeadScan studies.

    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. In particular, forward-looking information
includes, but is not limited to, statements with respect to: drilling plans
and timing of drilling; re-completion and tie-in of wells; completion timing
and method of funding thereof; productive capacity of wells, anticipated or
expected production rates and anticipated dates of commencement of production;
drilling, and completion costs; results of our various projects; the
performance characteristics of our oil and natural gas properties; oil and
natural gas production levels; the size and quantity of oil and natural gas
reserves; projections of market prices and costs; supply and demand for oil
and natural gas and commodity prices; expectations regarding the ability to
raise capital and to continually add to reserves through acquisitions,
exploration and development; treatment under governmental regulatory regimes
and tax laws; tax horizons; expected levels of royalty rates, operating costs,
general administrative costs, costs of services and other costs and expenses;
and realization of the anticipated benefits of acquisitions and dispositions.
Statements relating to "reserves" are deemed to be forward-looking
information, as they involve the implied assessment that, based on certain
estimates and assumptions, the reserves described can be profitably produced
in the future. Although we believe that the expectations reflected in the
forward-looking information are reasonable, there can be no assurance that
such expectations will prove to be correct. We cannot guarantee future
results, level of activity, performance or achievements. Consequently, there
is no representation that the actual results achieved will be the same, in
whole or in part, as those set out in the forward-looking information.
    Forward-looking information is 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
information. Some of the risks and other factors could cause results to differ
materially from those expressed in the forward-looking information include,
but are not limited to: general economic conditions in Canada, the United
States and globally; industry conditions, including fluctuations in the prices
of oil and natural gas; governmental regulation of the oil and gas industry,
including environmental regulation; geological, technical, drilling and
processing problems and other difficulties in producing reserves;
unanticipated operating events or performance which can reduce production or
cause production to be shut in or delayed; failure to install pipeline
facilities as and when expected; failure to obtain industry partner and other
third party consents and approvals, if and when required; competition for
and/or inability to retain drilling rigs and other services; the availability
of capital on acceptable terms; the need to obtain required approvals from
regulatory authorities; stock market volatility; volatility in market prices
for oil and natural gas; liabilities inherent in oil and natural gas
operations; uncertainties associated with estimating oil and natural gas
reserves; competition for, among other things, capital, acquisitions of
reserves, undeveloped lands, skilled personnel and supplies; incorrect
assessments of the value of acquisitions; geological, technical, drilling,
processing and transportation problems; changes in tax laws and incentive
programs relating to the oil and gas industry; failure to realize the
anticipated benefits of acquisitions and dispositions; and the other factors.
Readers are cautioned that this list of risk factors should not be construed
as exhaustive.
    The forward-looking information contained in this news release is
expressly qualified by this cautionary statement. We undertake no duty to
update any of the forward-looking information to conform such information to
actual results or to changes in our expectations except as otherwise required
by applicable securities legislation. Readers are cautioned not to place undue
reliance on forward-looking information.

    
    The TSX Venture Exchange has not reviewed, and does not accept
    responsibility for, the adequacy or accuracy of this news release.
    





For further information:

For further information: Unitech Energy Resources Inc., Steve Price,
President, T (403) 236-1170, E steve.price@shaw.ca; CHF Investor Relations,
Robin Cook, Account Manager (ext. 228), T (416) 868-1079, E robin@chfir.com

Organization Profile

UNITECH ENERGY RESOURCES INC.

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