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For Immediate Release
August 23, 2006
The Company is pleased to announce that it has farmed-out a working interest in its 100%-owned, 2 ¾ section Paddle River prospect to an independent industry partner. The farm-out agreement calls for the farmee to provide 75% of the drilling, completion, and tie-in funds in return for 37.5% of production. The farmee also has an option to participate in additional wells within the prospect. The Paddle River prospect targets the Edmonton/Scollard/Belly River sands which are evident on logs from wells previously drilled on the subject lands. A drilling rig is currently moving to the prospect and two test wells are to be drilled within 2 weeks of this release.
The Company further announces that, consistent with its objective of acquiring high working interest prospects, it has acquired a 100% interest in two additional sections of land at a recent government land sale.
Unitech Energy Resources Inc. is a TSXV-listed company that trades under the symbol “URX”. The Company uses LeadScan, its proprietary image analysis and pattern recognition system, to assist in its focus on high-working-interest, lower risk, oil and gas plays.
For further information, please contact Steve Price, President, at (403) 461-6664 or email steve.price@newgenpower.com
The TSX Venture Exchange has not reviewed, and does not accept responsibility of the adequacy or accuracy of, this release.
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