United Hunter Oil and Gas Corp. Announces the Impairment of its Interest in Alamo Creek, LLC
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/01/15 -- United Hunter Oil & Gas Corp. (TSX VENTURE: UHO) (the "Corporation") announces that, in conjunction with the filing of its audited financial results for the period ended December 31, 2014, it has impaired the Corporations 25% interest holding in Alamo Creek, LLC ("Alamo Creek"). Alamo Creek holds a 100% interest in an oil and natural gas property on the western edge of the Huasna basin, known as the Porter Ranch Property, in San Luis Obispo County, California (the "County"). After reviewing indicators of impairment it has been determined that a minor use permit for a one well test would not be granted with enough time allowed for exploration prior to the termination of the several leases in the project. The County continues to issue permits in other areas of the County, however, public opposition and continuous delays, together with a lack of indication that Alamo Creek's request for a reduced minor use permit would be granted in the near future, have contributed to this determination. At this time, the impairment of the asset for the full amount of the unrecoverable carrying cost to the Corporation is $27,675. The impairment of the Alamo Creek asset is reflected in the year ended financial statements and related Management Discussion and Analysis for the year ended December 31, 2014.
While the impairment does not impede Alamo Creek from continuing its efforts in the County for such a permit, which the Corporation supports, the Corporation will carry on with its review of other prospects both domestically and internationally.
United Hunter Oil & Gas Corp. () is a Canadian based corporation with management very experienced in the oil and gas industry with projects in California and Canada. United Hunter Oil & Gas Corp. is publicly traded on TSX Venture Exchange (TSX VENTURE: UHO). The Corporation's public filings may be found at .
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.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Timothy Turner
CEO
(832) 487-0813
Jeff Ratcliffe
CFO
(778) 987-3925
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Datum: 01.05.2015 - 12:58 Uhr
Sprache: Deutsch
News-ID 390185
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contact information:
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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