Unitech Energy Resources Inc.
TSX VENTURE : URX

Unitech Energy Resources Inc.

June 22, 2011 14:18 ET

Unitech Increases Eagle Ford Acreage to 21,672 Gross Acres

CALGARY, ALBERTA--(Marketwire - June 22, 2011) - Unitech Energy Resources Inc. ("Unitech") (TSX VENTURE:URX) is pleased to announce that it has increased its rights to oil and gas acreage in the Eagle Ford play in South Texas to 21,672 gross acres (10,116 net acres). On June 21, 2011, Unitech elected to pay option consideration to oil and gas mineral owners to acquire an 18 month option on 16,096 gross acres (7,989 net acres) and acquire a 77.5% working interest in the rights under an option with the oil and gas mineral owners. On or before the end of the 18 month period, Unitech has the right to elect to convert the option into oil and gas leases on some or all of the parcels described in the option agreement. Each lease would have a 3 year primary term from the date of the exercise of the option and Unitech would be required to pay lease bonus consideration upon exercise. The option and any lease entered into upon exercise of the option apply to the formations above the Del Rio Shale and would include the Eagle Ford Formation. Unitech also has the right to acquire an additional estimated 2,325 net acres under the same 18 month option/3 year lease terms. The option agreement has been filed as a material contract under Unitech's profile on SEDAR at www.sedar.com. In addition, Unitech has a call option from a party owning a 22.5% working interest on the 21,672 acre parcel to acquire an estimated 3,790 net acres. The option lands are 20 miles south of Eagle Pass, Texas and immediately west of El Indio, Texas. The option lands are in the Maverick Basin of the Rio Grande Embayment and are west of the Rio Grande Syncline. The option lands are immediately west of the Comanche Ranch whose oil and gas mineral assets are operated by Newfield Exploration Ltd. (www.newfield.com). Operators of an offset well 4.5 miles to the southeast of the edge of the option lands have reported to the Texas Railroad Commission oil gravity of at least 42 degree API and liquids rich gas with BTU content of at least 1,200 BTU/ft3. The Eagle Ford Formation is at least 400 feet thick and the Lower Eagle Ford formation (payzone) is at least 190 feet thick. The base of the Lower Eagle Ford Formation would likely be at an average depth of approximately 4,100 feet.

About Unitech

Unitech is a junior oil and gas exploration company. For additional details, please visit Unitech's website at www.unitechenergy.ca.

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and ability of Unitech to exercise the option and convert the option into oil and gas leases, the terms of such leases and related information. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations and assumptions made by Unitech which include, but are not limited to, the future operations of, and transactions completed by Unitech. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in the prices of oil and natural gas; governmental regulation of the oil and gas industry, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the oil and gas industry; failure to realize the anticipated benefits of acquisitions and dispositions; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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