United Hunter Oil and Gas Corp. Commences Canadian Well Re-Completion Program
November 09 2010 - 2:26PM
PR Newswire (Canada)
CALGARY, Nov. 9 /CNW/ -- CALGARY, Nov. 9 /CNW/ - United Hunter Oil
& Gas Corp. (UHO: TSX-V) ("United Hunter"). United Hunter Oil
& Gas Corp. (UHO) (TSXV - UHO) is pleased to announce that it
plans to commence between the last week of November and first week
of December, 2010 its Alberta, Canadian well re-completion programs
utilizing a new completion technology on two properties, equipment
permitting. The first program is planned at Atlee Buffalo within
the Mannville G oil pool that was discovered in 1980 and is
currently suspended. The Mannville G pool at Atlee Buffalo (TWP 21;
RGE 5; W4) has a large aerial extent, thick pay zones and very good
reservoir properties. UHO has increased its working interest in the
section to 95% through a purchase of an additional 47.5% from
868218 Alberta Ltd. for $54,648.50. The first well to re-enter at
Atlee Buffalo will be a suspended well transferred to UHO from
Canadian Natural Resources Ltd. Successful recompletion of this
first well is expected to lead to the potential re-completion of 9
suspended and abandoned wells on this property. The second program
will be within the Wabamun formation D-1A oil pool, discovered in
1963, on 2560 acres consisting of four contiguous sections at the
Leduc Woodbend Field (TWP 50; RGE 26; W4). The Wabamun D-1A pool
has 41(o) API oil and has had only intermittent production with
very low recoveries suggesting there is substantial oil left to
recover. The initial program will consist of re-completing two
wells. If successful there are more than 64 suspended or abandoned
wells that could potentially be re-entered; 12 suspended wells of
the 64 wells are adjacent to existing pipelines and another 13
suspended wells of the 64 wells are only 400 meters or less from
existing pipelines. Predominantly all the wells produced oil and
gas from lower formations and not the Wabamun. The access to the
Wabamun D-1A oil pool was obtained through a farmin between UHO and
MEC Operating Company ULC ("MEC"). The farmin agreement allows UHO
to earn 100% of the Wabamun Petroleum & Natural Gas
rights in each 40 acre spacing in which UHO completes a well,
subject to a 10% convertible Overriding Royalty payable to MEC
which can be converted to a 30% working interest after 60 days of
production. UHO has a joint venture with a private company, Snowcap
Energy Inc., who is not a signatory to the farmin agreement but has
the right to earn 20% by paying 28.5% of the costs of the
re-completion program. UHO will execute the re-entries and
re-completions, but once production is initiated in each well MEC
will operate the project as MEC owns all the existing pipelines and
facilities. Dr. Halleran, CEO of UHO comments "the two Canadian
re-completion programs are consistent with UHO's mandate to secure
low risk oil projects with suspended wells. The MEC project is
particularly exciting for UHO as the light oil Wabamun D-1A pool is
underdeveloped, has numerous wells that can re-completed and the
gathering system and facilities are already established". United
Hunter Oil & Gas Corp. (www.unitedhunteroil.com) is a Canadian
based corporation with management very experienced in the oil and
gas industry and has projects in California and Canada. United
Hunter Corp is publicly traded on TSX Venture Exchange (TSX-V:
UHO). The Corporation's public filings may be found at
http://www.sedar.com. Certain statements contained in this press
release constitute "forward-looking statements" as such term is
used in applicable Canadian and US securities laws. These
statements relate to analyses and other information that are based
upon forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or are not statements of historical fact and
should be viewed as "forward-looking statements". Such
forward looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Corporation to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
risks and other factors include, among others, costs and timing of
exploration and production development, availability of capital to
fund exploration and production development; political,
social and other risks inherent in carrying on business in a
foreign jurisdiction, the effects of a recessionary economy and
such other business risks as discussed herein and other publicly
filed disclosure documents. Although the Corporation has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future
events could vary or differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements contained in this news
release. Forward-looking statements are made based on management's
beliefs, estimates and opinions on the date the statements are made
and the Corporation undertakes no obligation to update
forward-looking statements and if these beliefs, estimates and
opinions or other circumstances should change, except as required
by applicable law. This news release contains forward-looking
statements based on assumptions, uncertainties and management's
best estimates of future events. When used herein, words such
as "intended" and similar expressions are intended to identify
forward-looking statements. Forward-looking statements are
based on assumptions by and information available to the
Corporation. Investors are cautioned that such
forward-looking statements involve risks and uncertainties.
Actual results may differ materially from those currently
anticipated. The forward-looking statements contained herein
are expressly qualified by this cautionary statement. The TSX.V
Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. pDr. Arthur Halleranbr/ CEObr/ (403)
667-4941br/ a
href="mailto:ahalleran@unitedhunteroil.com"ahalleran@unitedhunteroil.com/a/p
pScott Koyich, Presidentbr/ Brisco Capital Partnersbr/ (403)
262-9888br/ a
href="mailto:skoyich@briscocapital.com"skoyich@briscocapital.com/a/p
por/p pGraeme Dick, BMgmtbr/ Brisco Capital Partnersbr/ (403)
561-8989br/ a
href="mailto:graeme@briscocapital.com"graeme@briscocapital.com/a/p
Copyright
United Hunter Oil and Gas (TSXV:UHO)
Historical Stock Chart
From Apr 2024 to May 2024
United Hunter Oil and Gas (TSXV:UHO)
Historical Stock Chart
From May 2023 to May 2024