abarrelfullabarrelfull wrote on 07 Mar 2011 07:13
Tags: africa namibia unx upstream

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UNX Energy Corp. (TSXV: UNX) ("UNX", or the "Company"), an emerging oil and gas company with interests in the offshore of the Republic of Namibia, announced today that at the Company's request, DeGolyer and MacNaughton of Dallas, Texas, ("D&M") have completed Prospective Resources Evaluation Reports (the "D&M Reports") for UNX's Petroleum Exploration Licence ("PEL") 2815 which encompasses blocks 2815, 2816, and 2915, and PEL 2813. The Report for PEL 2813 is confined to the additions attributable to the Moosehead oil prospect that is on Block 2813A. Both D&M Reports were prepared in accordance with National Instrument 51-101 ("NI 51-101"), Sections 5.9 standards for review and assessment of prospective resources and is dated January 31, 2011.

"The new independent prospective resource reports were anticipated and continue to confirm management's expectations regarding the potential of these blocks," said Mr. Gabriel Ollivier, President and CEO of UNX Energy. "The results reinforce our decision, as announced on February 24, 2011, to align ourselves with HRT Participações em Petróleo S.A., a highly respected company with the financial resources and technical expertise to fully exploit the potential of UNX's Namibian assets. In addition to delivering an immediate and significant premium to our shareholders, the proposed transaction provides our shareholders with the opportunity to participate in the upside of both UNX's assets and HRT's exciting prospects in Namibia and Brazil."

"The Reports are a result of the efforts of UNX to define drilling opportunities and potential resources in the Orange Basin," said Mr. Knowledge Katti, Director and Namibian representative of UNX. "Through the proposed consolidation of assets with HRT, we are again reinforcing our strong commitment to all of our Namibian stakeholders to realize an independent energy future that will contribute to Namibia's great economic future."

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