Unitech Energy Resources Inc.
TSX VENTURE : URX

Unitech Energy Resources Inc.

September 15, 2010 09:00 ET

Unitech Energy Resources Restates Financial Statements

CALGARY, ALBERTA--(Marketwire - Sept. 15, 2010) - Unitech Energy Resources Inc. ("Unitech" or the "Company") (TSX VENTURE:URX) announces the filing of its restated audited annual consolidated financial statements for the year ended December 31, 2009, its restated unaudited interim financial statements for the three months ended March 31, 2010 and its interim unaudited financial statements for the six months ended June 30, 2010, together with corresponding Management's Discussion and Analysis for all such periods.

An electronic copy of these documents may be obtained on Unitech's SEDAR profile at www.sedar.com. To the extent investors do not have access to the internet, copies of the materials can be obtained on request without charge by contacting Unitech.

The consolidated financial statements for the year ended December 31, 2009 and interim financial statements for the three months ended March 31, 2010 have been restated to correct an error. The Company's proportionate interest of a producing gas well had previously been incorrectly recorded. This error resulted in previously understating the revenue, royalties, certain operating costs associated with the well and depletion.

The following table provides a summary of the restatement effects:

  2009   Q1 2010   Total  
             
Natural gas sales $215,532   $124,010   $ 339,542  
Royalties (21,085 ) (13,427 ) (34,512 )
Production and transportation 34,151   15,409   49,560  
Depletion, depreciation and accretion 121,000   9,000   130,000  
             
Net impact $ 39,296   $ 86,174   $125,470  

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