Unitech: Keg River Test Well Can't Stain Water

Unitech Energy Resources Inc. announced that the drilling/completion rig has been released from its Keg River test well in Northeast British Columbia and that it has completed its analysis of the well logs and test information. Based on a third party engineering analysis, Unitech has concluded that while the target reservoir was encountered, the reservoir is water-filled and there are no economic hydrocarbon reserves. Unitech will continue to work with the operator of the play to determine whether there exists any further opportunity for development on either the earned lands or the option lands.

Under the terms of the farm-in agreement, Unitech has now earned in 20 British Columbia land Units, the equivalent of 5 sections of land as well as the right to participate in any earning wells on an additional 3 sections of land.