AndhraNews.net
Home » Business News » 2011 » February » February 16, 2011

UnionTown Energy Announces LOI for Oil and Gas Project in Heath Area of Montana


February 16, 2011 - LAS VEGAS, NV

UnionTown Energy Inc. (OTCBB: UTOG), an Independent Oil & Gas Company, today announced that it has signed a letter of intent for an oil and gas property in the Heath Area of Montana.

The Heath-Tyler petroleum system, located in central Montana, has produced about 100 million bbl of oil from over 25 fields. This petroleum system is relatively simple in that it has a source rock, the Heath Formation of Mississippian age, overlain by a sandstone reservoir rock, the Pennsylvanian Tyler Formation. Recently, the State of Montana issued drilling permits to several operators to explore for oil in fractured Mississippian Heath shale in the Central Montana Trough. The areas of interest for horizontal drilling are in Garfield, Petroleum, Fergus, Musselshell, and Rosebud counties.

The Company also announced today that it will not be closing on its previously announced Purchase Agreement with JayHawk Energy Inc. and confirmed that Marshall Diamond-Goldberg will not be joining the Board of Directors.

About Uniontown Energy

Uniontown Energy Inc. is an Independent Oil & Gas Company whose focus is the acquisition, development and production of oil and natural gas properties. The Company is pursuing a strategy of building a portfolio of energy producing assets that include coal bed methane, natural gas, shale gas, oil sands and deep natural gas throughout Western Canada and the United States. Please visit www.uniontownenergy.com

Safe Harbor

The information in this release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes that its expectations are based on reasonable assumptions, actual results may differ materially. These forward-looking statements 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. More information about factors that potentially could affect the Company's financial results is included in its filings with the Securities and Exchange Commission.

Contact:
Terry Fields
Phone: (702) 530-3241
E-mail: Email Contact

MarketWire

Comment on this story

Share