UnionTown Energy Inc. (UTOG) Ships Oil From New Miami Property in Montana
(firmenpresse) - BILLINGS, MT -- (Marketwire) -- 01/03/12 -- UnionTown Energy Inc. (OTCBB: UTOG) (PINKSHEETS: UTOG) is pleased to report that it has shipped oil from its Well #42-20H on its New Miami Property in Montana.
The oil flow rates are still being stabilized as the onsite operator has determined that additional work was needed to increase the oil cut and has been adjusting its methods of pumping and acidizing. As such, it is still too early to announce the flow rate and proven reserves. However, the Company is pleased with the results to date, and is looking forward to more positive news from the field.
The Company has moved very quickly since acquiring the leases for our oil and gas properties only six months ago, with the average time for a company in America to go from exploration to drilling being three to five years. UnionTown Energy is also working in a highly competitive industry in an area that is seeing enormous demand on both equipment and man power, which has caused delays in equipment and installations of periphery adjuncts to the well. As such, the Company has developed a more comprehensive strategy for its drilling programs in 2012 to reflect the demand on resources.
The Company also reminds shareholders that it will be providing its October 2011 Yearend Financial Statements no later than January 30, 2012 as per the rules of the S.E.C.
About UnionTown Energy Inc.
UnionTown Energy Inc. is a fully reporting, exploration-stage company that is building towards becoming an oil and gas producer. We are proudly engaged in the acquisition and exploration of oil and natural gas properties located within America's borders. For more information about our company, please visit .
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. These forward-looking statements, specifically statements relating to expectations regarding commercial viability or production from the New Miami #42-20H well involve risks and uncertainties that include, among others, fluctuations in natural gas and crude oil prices; the timely receipt of necessary permits and approvals; market demand for, and/or available supplies of, energy-related products and services; unanticipated project delays, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, government regulation and taxation. You should carefully review the information disclosed within the section entitled "Risk Factors" contained in the Company's Current Report on Form 10Q/A filed on September 23, 2011, as well as the information contained in this release, when assessing the Company and its business. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Patrick Smyth
Vice President of Finance
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Datum: 03.01.2012 - 19:42 Uhr
Sprache: Deutsch
News-ID 100725
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contact information:
Town:
BILLINGS, MT
Kategorie:
Oil & Gas
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