CALGARY, Jan. 25 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV:
URX) today announces that it has been advised by the operator of its Keg River
test well in Northeast British Columbia that the drilling operations
undertaken with a completion rig is believed to have penetrated the targeted
Keg River formation. During the drilling operations, the well produced gas at
a significantly lower rate than anticipated, along with large quantities of
water. At the present time it is not known whether the water and gas are
coming from the same down hole event and logs will now be run in an attempt to
make this determination. Further work on the well will be determined after the
logs have been run.
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
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.
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