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History
Unitech was formed in late 1999
to create a proprietary computerized well log-based,
bypassed-pay pay recognition system.
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In 2004, after conquering considerable
technical and legal challenges and beta-testing with
numerous companies (and having the input of over 20
geoscientists (geologists, petrophysicists, geophysicists,
and engineers)), the LeadScan system was considered
complete. Building the system was costly with development
expenditures exceeding $1.5 million. Due to accounting
rules, these expenditures have not been capitalized and as a
result, the databases and software owned by Unitech are not
recorded on the Company’s balance sheet. Despite not being
recorded as an asset, management believes that the databases
(~360,000 digital wells/~1.5 terabytes) and LeadScan
software have substantial value and represent Unitech’s
fundamental competitive advantage. LeadScan’s by-passed pay
scanning ability covers virtually all of the Western
Canadian Sedimentary Basin from Manitoba through to British
Columbia.
Unitech owns the databases and software
outright and pays no fees or royalties, of any kind, to
anyone.
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