SOURCE: UnionTown Energy

UnionTown Energy

January 31, 2012 21:05 ET

UnionTown Energy Inc. (UTOG) Provides Update to Shareholders

BILLINGS, MT--(Marketwire - Jan 31, 2012) - UnionTown Energy Inc. (PINKSHEETS: UTOG) is pleased to provide stakeholders with an update on its corporate restructuring.

As recently announced, UnionTown Energy has commenced negotiations and procedures to list its shares on a major European Stock Exchange with a stated goal of building up its international presence for admission into new markets and access to development capital. UnionTown intends to change its accounting procedures to meet the stringent IFRS (International Financial Reporting Standards) as a European reporting company. Once a final decision on the exchange of choice in Europe has been made, the new accounting shall reflect the associated reporting needs for the listing process. As such, the Company will not be filing a year-end report on the North American listed entity.

The Company has about 8000 shareholders, is committed to working in their best interests and is excited to be moving forward with these changes in creating strong value in its share valuation. And as previously announced, the Company intends to provide shares in the newly listed public entity to all of its current shareholders with each UTOG shareholder receiving shares in the newly formed European entity on a pro rata basis.

Recently, Northeast Automotive announced that they had entered into a binding Memorandum of Understanding (MOU) with UnionTown Energy. The parties have decided not to proceed with the transaction.

About UnionTown Energy Inc.

UnionTown Energy Inc. (UTOG) is an Independent Oil & Gas Company whose focus is the acquisition, development and production of oil and natural gas. The company has assembled four leasehold properties in Montana and Wyoming totaling over 45,000 acres with potential oil and gas prospects. UnionTown Energy Inc. is a proud member of the Montana Petroleum Association. For more information about our company, please visit

Safe Harbor

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, specifically statements relating to expectations regarding commercial viability or production from its properties may well 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.

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