Unitech Energy reports filing of its second quarter 2008 unaudited consolidated financial statements and clarifies securites issued under private placement

    CALGARY, Aug. 27 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV:
URX) is pleased to announce the filing of its unaudited consolidated financial
statements for the three and six months ended June 30, 2008, and the
Management's Discussion and Analysis ("MD&A") dated August 26, 2008.
    An electronic copy of these documents may be obtained on Unitech's SEDAR
profile at www.sedar.com. To the extent investors do not have access to the
internet, copies of the materials can be obtained on request without charge by
contacting Unitech.
    Unitech also announces that it has made a correction to the number of
common shares ("Common Shares") and flow-through common shares ("Flow-Through
Shares") that were previously announced as being issued under its non-brokered
private placement that was completed in two tranches on July 22, 2008 and
July 28, 2008. Due to a clerical error, Unitech issued 100,000 less Common
Shares and 100,000 less Flow-Through Shares than previously disclosed. As a
result, Unitech issued a total of 5,699,100 Common Shares at a price of $0.05
per Common Share and a total of 5,402,671 Flow-Through Shares at a price of
$0.07 per Flow-Through Share for aggregate gross proceeds of $663,142. Unitech
currently has a total of 41,488,661 Common Shares issued and outstanding.

    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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