UnionTown Energy Inc. (UTOG) Update on Darby Project in Wyoming -- Receives Approval From Department of Interior for Drilling Extension
The 24,000-Acre Oil and Gas Property Is in a Prime Location at the Leading Edge of the Wyoming Thrust Belt
(firmenpresse) - BILLINGS, MT -- (Marketwire) -- 02/01/12 -- UnionTown Energy Inc. (PINKSHEETS: UTOG) is pleased to announce an update on their Talisman/Darby Project in Lincoln County, Wyoming.
As per an amended agreement with Longshot Oil, all drilling and funding obligations for 2011 have been met by UnionTown Energy and no work commitments are in place until May 31, 2011. In addition UnionTown Energy is pleased to announce that the project received approval from The United States Department of Interior (BLM Wyoming Office) to have the drilling date to commence actual drilling operations of the initial unit obligation well extended to September 1, 2012.
A geologist report by an independent, third-party engineering firm has identified two primary prospects covering 5,000 acres. Prospect One is estimated at 1,940 acres with dry gas in the Madison and Bighorn at a depth of 7,000 ft. to 9,500 ft.
Prospect Two is estimated at 3,860 acres with dry gas in the Madison and Bighorn at a depth of 7,000 ft. to 9,500 ft. and oil in the Nugget at 17,000 ft.
Formerly owned by Fortuna (US) L.P., a subsidiary of Talisman Energy USA Inc., Darby Block contains an estimated recoverable reserve (EUR) of 120 million barrels of oil equivalent. Majors producing on neighboring properties include Exxon, Shell, Chevron and Amoco.
About UnionTown Energy Inc.
is an Independent Oil & Gas Company whose focus is the acquisition, development and production of oil and natural gas. The company has assembled four leasehold properties in Montana and Wyoming totaling over 45,000 acres with potential oil and gas prospects. UnionTown Energy Inc. is a proud member of the Montana Petroleum Association. 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 its properties may 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: 01.02.2012 - 11:30 Uhr
Sprache: Deutsch
News-ID 109801
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contact information:
Town:
BILLINGS, MT
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