Unitech Energy Resources Inc. (TSXV: URX) announces that it has completed the acquisitions of all of the issued and outstanding shares of Pendor IV Joint Venture Ltd., Pendor V Joint Venture Ltd. and Medicine Hat VI Inc..
The Companies are private, non-reporting issuers with a total combined net asset value of less than $100,000. The Companies own oil and gas interests in Alberta consisting of seismic data, minor production (currently less than $2000 per month in the aggregate) and some undeveloped land.
The consideration paid for the Companies was effectively satisfied by the recovery by Unitech of approximately $87,000 in trade accounts receivable. In addition, the Acquisitions resulted in Unitech increasing its working interest in its Elmworth property from 9.75% to 16.25%.
Unitech also announces that, as a condition to the completion of the Acquisitions, the vendor of the shares of the Companies purchased 3,000,000 common shares of Unitech at a price of $0.10 per share for gross proceeds to Unitech of $300,000. All of these common shares will be subject to a four-month hold period in Canada. -- www.cnxmarketlink.com
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