S&P Capital IQ Initiates Coverage on Underground Energy Corp. in Standard & Poor’s Factual Stock Reports
May 21 2012 - 9:03AM
Business Wire
S&P Capital IQ announced today that it has commenced
Standard & Poor’s Factual Stock Report coverage on Underground
Energy Corp.
Underground Energy Corp. (TSXV: UGE; OTCQX: UGGYF) engages in
the identification, acquisition, exploration, development, and
production of oil and gas reserves from shale formations in the
Western U.S. As of December 31, 2011, UGE held mineral rights on
approximately 69,291 net acres of highly prospective lands in
California and Nevada.
Underground holds approximately 30,320 net acres prospective for
Monterey shales in the Santa Maria and San Joaquin Basins in
California. The company's initial focus is conventional oil
recovery from naturally fractured Monterey targets. The Zaca Field
Extension Project (''Zaca'') is located within the Santa Maria
Basin. UGE has an 80% working interest in the property. The company
has commenced with its 2012 drilling program and has completed one
well (Chamberlin 4-2), with another underway (Chamberlin 3-2).
Chamberlin 4-2 penetrated a new fault block with more than 900 feet
of continuous, strong oil shows in a section of Monterey consistent
with the most productive sections at the existing Zaca field and
elsewhere in the Santa Maria Basin. However, the Chamberlin 4-2
experienced mechanical issues and the company decided to pull the
well back to the intermediate casing and it will re-drill this well
at a later date. In the meantime, the company immediately started
drilling the Chamberlin 3-2 well as a 300 feet offset ''twin well''
to Chamberlin 4-2 and this well has been specifically designed to
target and produce from the new fault block. The company
anticipates drilling and production testing the Chamberlin 3-2 well
by late May or early June, 2012. At December 31, 2011, UGE had an
80% interest in 7,750 gross acres of developed and undeveloped land
in the Zaca property.
On August 17, 2011, Underground (formerly Shenul Capital Inc.)
completed a reverse merger transaction with Underground Energy Inc.
(''Old Underground'') whereby a wholly owned subsidiary of
Underground acquired all of the issued and outstanding shares of
Old Underground, which was then amalgamated with the wholly-owned
subsidiary of Underground. This reverse merger was the process by
which Underground became publicly listed on the Toronto Venture
Exchange (''TSXV'').
The company was founded in 2007 and is based in Santa Barbara,
California. The company is incorporated and domiciled in the
British Virgin Islands.
Standard & Poor’s Factual Stock Report coverage on
Underground Energy Corp will also be accessible on an ongoing basis
to the investment community by scores of buy-side institutions and
sell-side firms that utilize S&P Capital IQ research and
information platforms daily. Millions of self-directed investors
also have access to the report via their e-brokerage accounts.
Please visit www.ugenergy.com for additional information.
About Standard & Poor's Factual Stock Reports
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