(TSXV Symbol: UHO)

TORONTO, Jan. 19 /CNW/ - United Hunter Oil & Gas Corp. (UHO) (TSXV - UHO) is pleased to announce the successful re-completion of the first two wells planned for its Canadian well re-completion program previously announced on November 9th, 2010. The third well re-completion is awaiting the availability of equipment.

The first re-completed well was at Atlee Buffalo, Alberta within the Mannville G oil pool on a section of land in which UHO has 95% interest. During 9 days of swabbing oil was recovered and plans are currently underway to build a battery for production. Successful long term production could lead to the re-completion of 9 additional suspended and abandoned wells on this property.

The second re-completed well was within the Wabamun formation D-1A oil pool in the Leduc Woodbend area, of Alberta. A very short swab test recovered light 41o API oil and plans are currently underway to tie in this well to existing infrastructure for production evaluation. The proposed third well to re-complete will also be within this pool. As per the new release dated November 9th, 2010 UHO has a farmin agreement with MEC Operating Company ULC ("MEC") on 2560 acres consisting of four contiguous sections; there are more than 25 suspended wells that could potentially be re-entered.

UHO is also pleased to announce that further to its ongoing commitment to comply with TSX Venture Exchange continuous disclosure obligations it has, effective December 1, 2010, entered into a definitive agreement with "The Equities Group, Inc.". The agreement is subject to TSXV approval. The Equities Group, Inc. is a global financial media network with www.equities.com being its flagship brand.  The company is based in Las Vegas, Nevada. The Equities Group, Inc. will perform media and related services to and for UHO including, but not limited to creating a premium listed profile and social media newsroom in The Equities Group Global Listing exchange, disseminate UHO news and content through The Equities Group network of reporters, journalists and editors and create a UHO profile video.

The terms of the agreement are US$20,000 payable upon execution of the agreement and US$10,000 payable on the 1st day of each month beginning January 1, 2011 through to August 1st, 2011 for total cash payments of $100,000. The initial term of this agreement is for 1 year and may be terminated by either party by providing 60 day notice.

UHO also clarifies that EAM an investor relations company previously engaged by UHO and based in Toronto, Ontario was, as part of their agreement dated May 12, 2010, granted options to purchase 1,000,000 common shares of UHO at an exercise price of $0.15 per share, vesting 1/3 per year over three years and with a five year expiration, terms described in the news release of May 12, 2010. No monetary compensation is payable to EAM. The grant of options to EAM remains subject to TSXV approval.

Additionally, the following individuals were granted stock options pursuant to UHO's existing stock option plan: Mr. Bill Smith will be granted 400,000 options and Carol Florence, AICP will be granted 250,000 options. All option grants are subject to regulatory approval and have an exercise price of $0.15 per 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. Mr. Bill Smith is the current financial controller for UHO. Carol Florence is a consultant working for UHO's joint venture company Excelaron. Carol Florence is a principle of Oasis Associates Inc, located in San Luis Obispo, California and has been the lead in the permitting for the Huasna Project.

United Hunter Oil & Gas Corp. (www.unitedhunteroil.com) is a Canadian based corporation with management very experienced in the oil and gas industry and has projects in California and Canada. United Hunter Corp is publicly traded on TSX Venture Exchange (TSX-V: UHO). 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 management. 

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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
(403) 667-4941

Scott Koyich, President
Brisco Capital Partners
(403) 262-9888


Graeme Dick, BMgmt
Brisco Capital Partners
(403) 561-8989

Profil de l'entreprise

United Hunter Oil & Gas Corp.

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