United Hunter Oil & Gas Corp.

United Hunter Oil & Gas Corp.

May 31, 2013 14:18 ET

United Hunter Oil and Gas Corp. Announces Director Resignation

CALGARY, ALBERTA--(Marketwired - May 31, 2013) - United Hunter Oil & Gas Corp. (TSX VENTURE:UHO) ("UHO").

United Hunter Oil & Gas Corp. (the "Corporation"), announces the resignation of Mr. Arthur Halleran as CEO of the Corporation and from the Corporation's board of directors effective as of May 30, 2013. Mr. Tim Turner will act as the interm CEO. Mr. Turner brings extensive operational experience in United States including exploration and production management skills and land management expertise.

The Company also announces the divestiture of 100% of its interest in the Canadian Atlee Buffalo property to Safiro Petroleum Ltd. Safiro Petroleum Ltd. will assume all the Companies debt related to Atlee Buffalo for a deemed purchase price of $166,084 and assume any abandonment and environmental liabilities associated with Atlee Buffalo. In these difficult Market conditions it is difficult to invest capital in the heavy oil Atlee Buffalo Property. The Company will focus on its California properties.

Additionally, Mr. William Smith will be granted 350,000 options. The options have an exercise price or $0.10 per common share, will expire five years from the date of grant and will vest 1/3 per year for 3 years with the first 1/3 vesting on the date of grant. All options grants are subject to regulatory approval.

United Hunter Oil & Gas Corp. (www.unitedhunteroil.com) is a Canadian based corporation with management very experienced in the oil and gas industry with projects in California and Canada. United Hunter Oil & Gas Corp. is publicly traded on TSX Venture Exchange (TSX VENTURE:UHO). The Corporation's public filings may be found at http://www.sedar.com.

Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of exploration and production development, availability of capital to fund exploration and production development; political, social and other risks inherent in carrying on business in a foreign jurisdiction, the effects of a recessionary economy and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

This news release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intended" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

The TSX.V Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • United Hunter Oil & Gas Corp.
    Mr. Bill Smith
    (647) 402-5541