UNX Energy Corp. Securityholders approve Arrangement with HRT Participações em Petróleo S.A.; Final court approval received

CALGARY, April 27 /CNW/ - UNX Energy Corp. ("UNX") is pleased to announce that on April 27, 2011 UNX securityholders voted at a special meeting (the "Meeting") to approve the Plan of Arrangement ("the Arrangement") involving UNX, HRT Participações em Petróleo S.A ("HRT") and securityholders of UNX.  The Arrangement was ratified by 99.08% of the votes cast at the Meeting.  In addition, a "majority of the minority" of the votes cast approved the Arrangement.  32,387,543 common shares and options were voted representing 27.38% of the fully diluted outstanding common shares of UNX.  In addition, UNX received the final court order approving the Arrangement the afternoon of April 27, 2011.  Closing of the transaction, which is currently expected to occur on or about April 29, 2011, is subject to the satisfaction of the remaining closing conditions set out in the management information circular dated April 1, 2011 ("the Circular").

"We are pleased with the favourable outcome of the securityholders vote," said Mr. Duane Parnham, Chairman of UNX.  "We look forward to concluding the proposed combination with HRT as their scientific expertise, progressive management, and strong capitalization will help our shareholders and stakeholders to continue to benefit from the potential of the combined portfolio. We are also excited about HRT's dedication to the Namibian people and economy, and the country's ambitions for an independent energy future. The combination of UNX and HRT is a step in the direction of developing the full potential of our Namibian assets for both the Namibian people and our shareholders."

"This is a great day for Namibia. The combination of HRT and UNX brings the capital, leading experts in offshore energy exploration, and the program to lead to oil development in our great country. With our new partners, HRT, Namibia is well positioned to realize its goal of energy independence," said Mr. Knowledge Katti, Director and Namibian representative of UNX.

Details of the Arrangement and other matters are set out in full in the Circular.  A copy of the definitive agreement, the Circular, and other meeting materials can be found on UNX's profile on SEDAR at www.sedar.com or the company's website at www.unxenergy.com.

About UNX Energy Corp.

UNX Energy Corp. is a junior, independent oil and gas company, focused on exploration for crude oil in offshore Namibia, Africa. Headquartered in Calgary, Alberta, Canada, UNX's asset base consists of approximately 51,000 square kilometres (approximately 32,000 net) of offshore acreage, strategically located along the prolific South Atlantic Margin. Development of these highly prospective blocks is being advanced by an experienced management team, qualified technical staff and strong in-country relationships. UNX employs strategic technical expertise to optimize the probability of exploration success in the region. UNX is committed to conducting its business in a socially and environmentally responsible manner, ultimately working towards the goal of sustainable development in Namibia's oil and gas sector for the benefit of all stakeholders.

About HRT Participações em Petróleo S.A. 

HRT Participações em Petróleo S.A. holds one of the largest independent oil and gas exploration and production companies in Brazil. The HRT Group comprises three main subsidiaries: HRT O&G Exploração e Produção de Petróleo Ltda., IPEX (Integrated Petroleum Expertise Company Serviços em Petróleo Ltda.) and HRT Netherlands B.V. The Company retains a 55% interest in 21 exploratory blocks in the Solimões Basin. HRT also operates five exploratory blocks on the Namibian coast. The Company retains a 100% interest in two of them, in the Walvis Sub-basin, and a 40% interest in the other three, in the Orange Subbasin. HRT's team includes PhDs and masters in geochemistry, geophysics, biology and engineering, most of them former employees of Petrobras and ANP (Brazil's petroleum agency). HRT is committed to minimizing any possible environmental impacts in the sites where it acts. Its commitment with the local communities is towards health conditions, security and quality of life. For more information, please visit the Company's website: www.hrt.com.br/ir

On Behalf of the Board of Directors of UNX Energy Corp.

Duane Parnham

For further information visit our website at www.unxenergy.com
Sedar Profile #00016276

Forward Looking Information

This document contains forward-looking information and statements.  All information and statements other than statements of historical fact contained in this document are forward-looking information and statements, including, without limitation, statements regarding the Arrangement, future financial position, business strategy, proposed acquisitions or dispositions, and plans and objectives of or involving UNX or HRT.  Securityholders can identify many of these statements by looking for words such as "believe", "expects", "intends", "projects", "anticipates", "estimates", "continues" or similar words suggesting future outcomes or statements regarding an outlook or the negative thereof.  These forward-looking statements may include, but are not limited to, statements with respect to: the Arrangement, business strategy and objectives, exploration plans, development plans, acquisition and disposition plans and the timing thereof, the timing of various steps in the Arrangement including closing, and the satisfaction of listing conditions.  There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.  Forward-looking information and statements are subject to risks, uncertainties and assumptions, including those discussed in the Circular, which readers of this document are urged to read in its entirety.  Although UNX believes that the expectations represented in such forward-looking information and statements are reasonable, there can be no assurance that such expectations will prove to be correct.  Some of the risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking information and statements contained herein include: the impact of general economic conditions, industry conditions, satisfaction of closing conditions listed in the Circular, governmental regulation including the timely receipt of required regulatory approvals, volatility of commodity prices and other matters beyond the control of UNX and HRT.  Readers are cautioned that the foregoing list is not exhaustive.  Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by UNX and HRT and described in the forward-looking statements or information

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

SOURCE UNX Energy Corp.

For further information:

Laurel Hill Advisory Group:
North American toll-free at 1-877-304-0211
Collect 416-304-0211
E-mail: assistance@laurelhill.com

Profil de l'entreprise

UNX Energy Corp.

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