Unitech Energy Announces Special Warrant Conversion

    CALGARY, March 13 /CNW/ - Unitech Energy Resources Inc. ("Unitech")
(TSXV: URX) today announces that the drilling/completion rig has been released
from its Keg River test well in Northeast British Columbia and that it has
completed its analysis of the well logs and test information. Based on a third
party engineering analysis, Unitech has concluded that while the target
reservoir was encountered, the reservoir is water-filled and there are no
economic hydrocarbon reserves. Unitech will continue to work with the operator
of the play to determine whether there exists any further opportunity for
development on either the earned lands or the option lands.
    Under the terms of the farm-in agreement, Unitech has now earned in
20 British Columbia land Units, the equivalent of 5 sections of land as well
as the right to participate in any earning wells on an additional 3 sections
of land.

    Special Warrant Conversion

    As previously announced, in order to fund the drillout and completion of
the test well and earn the additional working interests, Unitech completed a
non-brokered private placement in December, 2007 of 15,000,000 Special
Warrants at a price of $0.09 per Special Warrant for gross proceeds of
$1,350,000. The terms of the Special Warrants provided that they would be
converted into a variable number of common shares dependent on a reserves and
valuation of the test well (the "Valuation"). The terms of the Special
Warrants specifically provided that if the Valuation provided a value of the
test well at less than 3 BCF, the total number of common shares issued (on a
pro rata basis) upon conversion of the Special Warrants would be
3,218,389 common shares. Since there are no reserves attributable to the test
well, the 15,000,000 Special Warrants will now be automatically converted into
common shares on the basis of 0.2145594 common shares for each Special Warrant
    Unitech will instruct its transfer agent and registrar to convert the
Special Warrants and issue the applicable number of common shares based on the
conversion factor outlined above. No action is required on the part of the
Special Warrant holders as the shares will be "pushed out" by the transfer
agent. The common shares issued upon conversion of the Special Warrants will
continue to be subject to a hold period expiring four months from the date of
issuance of the applicable Special Warrants.
    Upon the conversion of the Special Warrants to common shares, Unitech
will have approximately 27.4 million common shares issued and outstanding on a
non-diluted basis and approximately 31.2 million common shares issued and
outstanding on a fully-diluted basis.

    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
symbol URX.

    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.

    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 steve.price@shaw.ca.; CHF Investor Relations,
Robin Cook, Account Manager, T (416) 868-1079 (ext. 228), E robin@chfir.com

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