UNITED HUNTER OIL & GAS CORP. ANNOUNCES SUCCESSFUL RE-COMPLETION OF CANADIAN WELLS AND DEFINITIVE AGREEMENT WITH THE EQUITIES GR
January 19 2011 - 4:01PM
PR Newswire (Canada)
TORONTO, Jan. 19 /CNW/ -- (TSXV Symbol: UHO) TORONTO, Jan. 19 /CNW/
- United Hunter Oil & Gas Corp. (UHO) (TSXV - UHO) is pleased
to announce the successful re-completion of the first two wells
planned for its Canadian well re-completion program previously
announced on November 9(th), 2010. The third well re-completion is
awaiting the availability of equipment. The first re-completed well
was at Atlee Buffalo, Alberta within the Mannville G oil pool on a
section of land in which UHO has 95% interest. During 9 days of
swabbing oil was recovered and plans are currently underway to
build a battery for production. Successful long term production
could lead to the re-completion of 9 additional suspended and
abandoned wells on this property. The second re-completed well was
within the Wabamun formation D-1A oil pool in the Leduc Woodbend
area, of Alberta. A very short swab test recovered light 41(o) API
oil and plans are currently underway to tie in this well to
existing infrastructure for production evaluation. The proposed
third well to re-complete will also be within this pool. As per the
new release dated November 9(th), 2010 UHO has a farmin agreement
with MEC Operating Company ULC ("MEC") on 2560 acres consisting of
four contiguous sections; there are more than 25 suspended wells
that could potentially be re-entered. UHO is also pleased to
announce that further to its ongoing commitment to comply with TSX
Venture Exchange continuous disclosure obligations it has,
effective December 1, 2010, entered into a definitive agreement
with "The Equities Group, Inc.". The agreement is subject to TSXV
approval. The Equities Group, Inc. is a global financial media
network with www.equities.com being its flagship brand. The
company is based in Las Vegas, Nevada. The Equities Group, Inc.
will perform media and related services to and for UHO including,
but not limited to creating a premium listed profile and social
media newsroom in The Equities Group Global Listing exchange,
disseminate UHO news and content through The Equities Group network
of reporters, journalists and editors and create a UHO profile
video. The terms of the agreement are US$20,000 payable upon
execution of the agreement and US$10,000 payable on the 1(st) day
of each month beginning January 1, 2011 through to August 1(st),
2011 for total cash payments of $100,000. The initial term of this
agreement is for 1 year and may be terminated by either party by
providing 60 day notice. UHO also clarifies that EAM an investor
relations company previously engaged by UHO and based in Toronto,
Ontario was, as part of their agreement dated May 12, 2010, granted
options to purchase 1,000,000 common shares of UHO at an exercise
price of $0.15 per share, vesting 1/3 per year over three years and
with a five year expiration, terms described in the news release of
May 12, 2010. No monetary compensation is payable to EAM. The grant
of options to EAM remains subject to TSXV approval. Additionally,
the following individuals were granted stock options pursuant to
UHO's existing stock option plan: Mr. Bill Smith will be granted
400,000 options and Carol Florence, AICP will be granted 250,000
options. All option grants are subject to regulatory approval and
have an exercise price of $0.15 per share. The options will
expire five years from the date of grant and will vest 1/3 per year
for 3 years with the first 1/3 vesting upon grant. Mr. Bill Smith
is the current financial controller for UHO. Carol Florence is a
consultant working for UHO's joint venture company Excelaron. Carol
Florence is a principle of Oasis Associates Inc, located in San
Luis Obispo, California and has been the lead in the permitting for
the Huasna Project. 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. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. The
TSX.V Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. To view this news release in
HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/January2011/19/c3800.html
p/p 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
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