TORONTO, ONTARIO–(Marketwired – June 2, 2017) – United Hunter Oil & Gas Corp. (“UHO” or the “Corporation“) (TSX VENTURE:UHO)(FRANKFURT:A118VK) announces that the Corporation, through its US subsidiary, United Hunter Texas, LLC (“UHT”), has reached an mutual agreement with Vesta Resources, LLC and others to acquire a working interest operatorship in two producing wells and 100% working interest in eight additional prospects in multiple South Texas Counties for an all-inclusive cost of $400,000. The purchase price paid to the sellers will go towards clearing other working interest owners’ interests in title and any pending debts that are owed.
UHT’s working interest in the producing wells will vary between 25% and 43% and will acquire a net revenue interest between 18.75% and 35%. The additional prospects that are being acquired will be conveyed at 100% working interest and 75% net revenue interest. Several leases have already been acquired and some prospects have had the drill sites cleared and prepared for drilling. All of these prospects are categorized as exploitation or development prospects and further defined as in close proximity or adjacent to either existing or previously existing production.
UHT will conduct its due diligence activities over the next several weeks. The final Purchase and Sale Agreements, to be executed by UHT, is subject to completion of its due diligence, including negotiation of, and any adjustments to, the purchase price, UHO board approval, financing and TSX Venture Exchange approval.
Timothy Turner, the Corporation’s CEO and the Managing Director of UHT, stated that “we are very excited to begin operations in Texas and aim to grow production and shareholder value, through the addition of complementary low-cost producing assets. The acquisition of these assets will allow UHT to continue to assess similar acquisitions and we look forward to growing our asset base as we implement our business strategy of acquiring low-cost projects with predictable and promising revenues.” Mr. Turner’s business also owns a quarter interest in Vesta Resources, LLC.