CALGARY, Jan. 25 /CNW/ - UNX Energy Corp. (TSX-V: UNX) ("UNX" or "the
Company"), an emerging oil and gas company with interests offshore
Namibia, has signed a 3D seismic contract with Polarcus Limited (OAX:
PLCS). UNX plans to acquire 1,460 km2 of 3D seismic in the 90%-owned 2713 blocks in offshore Namibia.
The 3D seismic program is targeted over a very large feature with
multiple identified zones including a sub-shale feature that the
Company feels is similar to the Brazilian sub-salt discoveries in the
Santos and Campos basins. The program is primarily located in the
southern portion of Block 2713A, adjacent to the 2813 contract area in
which UNX also holds a 40% interest. The program is expected to
commence shooting in March 2011. The seismic program will be funded
from monies raised in July and November of 2010.
"We are very pleased to be acquiring 3D seismic data for Block 2713A as
it will give us full coverage over a structure that appears to be much
larger than first mapped due to our re-processing and conversion from
time to depth of the existing 2D seismic data," said Mr. Gabriel
Ollivier, President and CEO of UNX Energy. "The new 3D seismic data
will enhance the details of the structure and the prospective zones
identified, allowing us to further refine ideal drilling locations. We
are currently working towards updating existing resource estimates and
providing additional independent resource estimates on all of our
Namibian blocks. The key focus of our 2011 work program is finalizing
drill-ready locations for major oil companies that are interested in
farming-in on UNX acreage. This seismic program greatly exceeds UNX's
required work commitments for the 2713 Petroleum Licence at
approximately three times the minimum required work commitment of 500
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.
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.
For further information:
Maria Elliott, VP Finance & CFO
Telephone: (403) 984-6430