United Hunter Oil & Gas Corp. Announces Sale of the 7-22-05-26W4 Wabamum Well, Leduc Woodbend, Alberta and Update on the Huas...
November 10 2011 - 6:19PM
Marketwired
United Hunter Oil & Gas Corp. (TSX VENTURE:UHO) ("UHO") has
disposed of its Wabamum interest in the 7-22-05-26W4 well at the
Leduc Woodbend area of Alberta (the "7-22 Well") for a cash payment
and a Gross Overriding Royalty ("GOR") of 12%. A confidentiality
clause prevents any further disclosure of the terms of this
disposal. The 7-22 Well was a test well for the farm-in agreement
between UHO and MEC Operating Company and the subsequent disposal
of the interest in the well also included the termination of the
previously existing Farm-in agreement.
The San Luis Obispo County Planning Commission meeting on the
Huasna Final Draft Environmental Impact Review that was previously
scheduled for November 10, 2011 has been rescheduled for late
February, 2012. This new date would suggest that the San Luis
Obispo County Board of Supervisors (decision makers on the
potential permit) meeting on Huasna will now probably meet towards
the end of March.
Dr. Halleran, CEO of UHO states, "disposing of the Wabamum
interest at Leduc Woodbend puts capital back into UHO and we hope
that the GOR will push UHO closer to being cash flow positive."
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
VENTURE: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.
Contacts: United Hunter Oil & Gas Corp. Dr. Arthur Halleran
CEO (403)
667-4941ahalleran@unitedhunteroil.comwww.unitedhunteroil.com Brisco
Capital Partners Scott Koyich President (403)
262-9888skoyich@briscocapital.com Brisco Capital Partners Graeme
Dick, BMgmt (403) 561-8989graeme@briscocapital.com
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