Unitech Energy announces commencement of drillingadmin
Thursday, August 24th 2006
The Company is pleased to announce that it has farmed-out a working interest in its 100%-owned, 2 3/4 section Paddle River prospect to an independent industry partner. The farm-out agreement calls for the farmee to provide 75% of the drilling, completion, and tie-in funds in return for 37.5% of production. The farmee also has an option to participate in additional wells within the prospect. The Paddle River prospect targets the Edmonton/Scollard/Belly River sands which are evident on logs from wells previously drilled on the subject lands. A drilling rig is currently moving to the prospect and two test wells are to be drilled within 2 weeks of this release.
The Company further announces that, consistent with its objective of acquiring high working interest prospects, it has acquired a 100% interest in two additional sections of land at a recent government land sale.
Unitech Energy Resources Inc. is a TSXV-listed company that trades under the symbol “URX”. The Company uses LeadScan, its proprietary image analysis and pattern recognition system, to assist in its focus on high-working-interest, lower risk, oil and gas plays. The Company website is at www.leadscan.ca
The TSX Venture Exchange has not reviewed, and does not accept
responsibility of the adequacy or accuracy of, this release.
For further information
please contact Steve Price, President, at (403) 461-6664 or email email@example.com
Source: Unitech Energy Resources Inc.