BILLINGS, MT — (Marketwire) — 10/03/11 — UnionTown Energy Inc. (OTCBB: UTOG) (PINKSHEETS: UTOG), an independent oil and gas company, today provided an update to shareholders in an open letter from the company–s board of directors.
Dear UnionTown Shareholders,
We are pleased to review our business activities to date for 2011 and share our progress on ongoing initiatives aimed at increasing shareholder value.
The past few months have been very positive operationally as our company has successfully advanced on its strategic plan and accomplished key growth goals, including the initiation of drilling programs at two of our properties, New Miami and Teton River. We were also extremely pleased to announce that oil had been discovered at both locations.
We are now in the process of bringing the New Miami #42-20H well into production and expect that it will begin generating revenues this financial quarter. This will be a monumental achievement given our status as a relatively new entrant in the marketplace.
Looking ahead, our company–s management team remains committed, with the assistance of our sponsoring Market Maker, to achieving a relisting of our stock on the Over-The-Counter Bulletin Board (OTCBB). Information is flowing between our sponsoring Market Maker and FINRA, and we are working diligently to supply both parties with relevant information under rule 15c-211. The procedures for gathering and reviewing the information required by this rule are lengthy and time consuming, and all parties must be satisfied that independent reviews have been made before trading can resume.
Nonetheless, based on the progress we are making, we are confident that UnionTown will resume trading on the OTCBB in the near future.
Our management team is working extremely hard and remains fully committed to building a successful oil and gas company focused on acquisition, development and production here in North America. We have 100% confidence in our business plan and the ability of our team to execute it profitably on behalf of our shareholders.
Sincerely,
The Board of Directors
UnionTown Energy Inc.
UnionTown Energy Inc. is a fully reporting, exploration-stage company that is building towards becoming an oil and gas producer. We are proudly engaged in the acquisition and exploration of oil and natural gas properties located within America–s borders. For more information about our company, please visit .
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. These forward-looking statements may involve risks and uncertainties that include, among others, fluctuations in natural gas and crude oil prices; the timely receipt of necessary permits and approvals; market demand for, and/or available supplies of, energy-related products and services; unanticipated project delays, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, government regulation and taxation. You should carefully review the information disclosed within the section entitled “Risk Factors” contained in the Company–s Current Report on Form 10Q/A filed on September 23, 2011, as well as the information contained in this release, when assessing the Company and its business. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Patrick Smyth
Vice President of Finance
(702) 530-3241