UHO United Hunter Oil and Gas Corp

TORONTO, Feb. 17 /CNW/ -- TORONTO, Feb. 17 /CNW/ - United Hunter Oil & Gas Corp. (TSXV:UHO) is pleased to advise the acquisition of oil exploration leases known as the Porter Ranch comprising 4068 acres adjacent to the highly prolific Santa Maria Basin (850 million bbls produced up to 2008) and south east of the company's Mankins Ranch Project (Huasna). The Porter Ranch leases are held by Alamo Creek Oil LLC (Alamo) a Californian incorporated company, 45% owned and jointly operated by UHO and 45% by it's Mankins Ranch partner Australian Oil Company (AOC) and 10% owned by CALOG LLC ( a wholly owned subsidiary of AOC). The leases were briefly explored in the 1980's by Philips Petroleum Company (PPC) who drilled one well and completed extensive roadwork and well pads for 2 well sites prior to abandoning due to depressed oil prices. There has been no subsequent exploration since that time. Assuming that PPC located these 2 well sites on valid structures it is possible that 2 exploration wells could be drilled as soon as approvals are granted by the County. PPC drilled the only well on the Porter Ranch in 1984 which tested oil from 3 separate zones before encountering drilling problems and being plugged and abandoned. Alamo is currently evaluating the economics of re-drilling this well. Adjacent wells have tested oil ranging from light (30 API) to heavy (15-18API), some with associated gas and numerous surface oil seeps. Within the leased area there are currently 2 anticlinal structures which have been only tested at their extremities. The forward work program includes acquiring all historical well and seismic data prior to the possible acquisition of new seismic data over the anticlines. Based on this information up to 3 exploration wells may be drilled.   In addition, UHO is in advanced negotiations to lease an additional adjacent 4982 acres. The Huasna Basin contains thick sequences of oil prone Monterey Formation. Forward-Looking Statement Disclaimer This press release includes certain statements that may be deemed "forward-looking statements". All statements in this press release, other than statements of historical facts, including those that announce proposed financings that the Company expects to complete, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the failure of investors who are believed to have committed to the financings to complete them as a result of general market conditions, adverse developments unique to such investors, or otherwise. Accordingly, the actual amounts raised may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's filings, available at www.sedar.com and www.sec.gov. This announcement does not constitute an offering of securities nor a solicitation to purchase securities. An offer of securities will only be made by subscription agreement and subject to applicable law. 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. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/17/c3668.html pFor additional information, please contact:/p p align="justify"Dr. Arthur Halleranbr/ CEObr/ (403) 667‐4941br/ a href="mailto:ahalleran@unitedhunteroil.com"ahalleran@unitedhunteroil.com/a/p p align="justify"Scott Koyich, Presidentbr/ Brisco Capital Partnersbr/ (403) 262‐9888br/ a href="mailto:skoyich@briscocapital.com"skoyich@briscocapital.com/a/p p align="justify"or/p p align="justify"Graeme Dick, BMgmtbr/ Brisco Capital Partnersbr/ (403) 561‐8989br/ a href="mailto:graeme@briscocapital.com"graeme@briscocapital.com/a/p

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