SOURCE: UnionTown Energy Inc.

UnionTown Energy Inc.

February 02, 2011 06:30 ET

UnionTown Energy Postpones Closing on Jayhawk Energy Inc. Purchase Agreement

LAS VEGAS, NV--(Marketwire - February 2, 2011) - UnionTown Energy Inc. (OTCBB: UTOG), an Independent Oil & Gas Company, today announced that it is postponing the closing of its previously announced Purchase Agreement with JayHawk Energy Inc. (JayHawk) due to discrepancies in the target property size, initially represented to UnionTown to be the total 45,000 acres held by Jayhawk in Kansas as set out on the Jayhawk website.

During the due diligence process it was discovered that the size of the property originally offered to UnionTown by JayHawk was significantly different from the property size in the proposed closing documents.

In addition, the Independent Consultant Report had a further conflicting figure in total land size.

Although the property size does not affect the viability of the Project, UnionTown has instructed its legal counsel to confirm the correct property size prior to proceeding.

About Uniontown Energy

Uniontown Energy Inc. is an Independent Oil & Gas Company whose focus is the acquisition, development and production of oil and natural gas properties. The Company is pursuing a strategy of building a portfolio of energy producing assets that include coal bed methane, natural gas, shale gas, oil sands and deep natural gas throughout Western Canada and the United States.

Safe Harbor

The information in this release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes that its expectations are based on reasonable assumptions, actual results may differ materially. These forward-looking statements 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. More information about factors that potentially could affect the Company's financial results is included in its filings with the Securities and Exchange Commission.

Contact Information

  • Investor Relations:
    Patrick Smyth
    Phone: (702) 530-3241
    E-mail: Email Contact