CALGARY, Jan. 14 /CNW/ - UNX Energy Corp. (TSX-V: UNX) ("UNX"), an
emerging oil and gas company with offshore interests in the Republic of
Namibia, has signed a 3D seismic contract with Petroleum Geo-Services
(OAX: PGS). UNX plans to acquire approximately 1,125 km2 of 3D seismic on the 90%-owned Exploration Licence 2815, consisting of
Blocks 2815, 2816 and 2916, offshore Namibia. The program will target
various features on the blocks, and is expected to commence in
mid-February, 2011. The seismic program will be funded from proceeds
raised in July and November of 2010.
"The addition of this high-quality 3D seismic data to our existing
scientific information will provide further clarity on the size and
extent of the resources on our licences in offshore Namibia," said Mr.
Gabriel Ollivier, President and CEO of UNX Energy. "The 3D seismic data
will enhance scientific detail and add to our growing inventory of
drilling prospects. As part of our 2011 work program, the various
seismic surveys that will be conducted on our blocks will focus on
select areas of our acreage, updating existing resource estimates and
providing additional independent resource estimates on the blocks. The
seismic will also contribute to a data room and inventory of
drill-ready locations for companies interested in farm-in
opportunities. At approximately two times the minimum required work
commitment of 550 km2, this 3D seismic program exceeds UNX's required work commitments for
the Exploration Licence."
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 kilometers (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.
On Behalf of the Board of Directors
of UNX Energy Corp.
For further information visit our website at www.unxenergy.com
Sedar Profile #00016276
Forward Looking Information
This news release contains certain forward-looking statements that
reflect the current views and/or expectations of UNX Energy Corp. with
respect to its performance, business and future events. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties including, without limitation, those relating to changes
in the market, potential downturns in economic conditions, foreign
exchange fluctuations, changes in business strategy, regulatory
requirements, demand for our resources, competition and dependence
on key personnel. These risks, as well as others, could cause actual
results and events to vary significantly. UNX Energy Corp. does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements.
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.
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