CALGARY, July 23 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV:
URX) is pleased to announce that it has been notified by the operator of its
recently announced Stettler Basal Quartz well that the well is now drilled,
logged and cased. The well logs indicate approximately 12 metres of sand and
the well is to be completed as a gas well. Production rates will be determined
as soon as practically possible. Unitech owns a 25% working interest in this
well and the section of land where it is located. The operator further advised
Unitech that a follow-up well is being planned on the subject section.
Unitech further announces that it has completed the first tranche of its
previously announced non-brokered private placement of common shares ("Common
Shares") and common shares issued on a flow-through basis ("Flow-Through
Shares"). Unitech issued an aggregate of 4,799,100 Common Shares at a price of
$0.05 per Common Share and an aggregate of 3,974,100 Flow-Through Shares at a
price of $0.07 per Flow-Through Share for aggregate gross proceeds of
$518,142. The Common Shares and Flow-Through Shares are all be subject to a
four-month hold period.
After closing the first tranche of financing, Unitech has 39,160,090
(undiluted) shares of common stock issued and outstanding.
Unitech may complete a second tranche of the private placement on or
about July 28, 2008. Unitech will use the aggregate net proceeds of the
private placement to fund Unitech's exploration programs as well as for
general corporate purposes.
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
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. Forward-looking statements are 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 statements, which include but are not
limited to risks inherent in the oil and gas industry, regulatory and economic
risks, and risks associated with the company's ability to implement its
business plan. Unitech undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions should
change except as required by law. The reader is cautioned not to place undue
reliance on forward-looking statements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
securities offered have not and will not be registered under the United States
Securities Act of 1933, as amended, or any state securities laws and may not
be offered or sold in the United States absent registration or an applicable
exemption from the registration requirement.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for, the adequacy or accuracy of this release.
For further information:
For further information: Unitech Energy Resources Inc., Steve Price,
President, T (403) 236-1170, E firstname.lastname@example.org; CHF Investor Relations,
Robin Cook, Account Manager, T (416) 868-1079 (ext. 228), E email@example.com