BILLINGS, MT--(Marketwire - June 12, 2012) - UnionTown Energy Inc. (
UnionTown Energy Inc. will be working with its independent accountants, lawyers and auditors to resume being fully reporting and compliant again. The Company will also be working with the BCSC and SEC to bring all of its filings up to date.
The CNSX is recognized by the Ontario Securities Commission as a stock exchange and is subject to OSC regulatory requirements with the Investment Industry Regulatory Organization of Canada providing market surveillance and regulatory oversight.
Structurally, CNSX trading is facilitated by the combination of a "central auction market" with the added benefit of enhanced trading liquidity provided by a Market Maker Program.
A central auction market is a stock exchange trading system that provides a continuous auction in securities of its listed companies. It has been proven around the world as the most efficient means of trading stock. It is a system that focuses on "time priority" in all trades, which results in all investors being treated fairly. Enhancing this system are the Market Makers, who are professional traders, assigned to provide liquidity that typically account for approximately 25% of all trades on the buy or sell side. Please visit http://www.cnsx.ca/ for more information.
Patrick Smyth, CEO of UnionTown Energy Inc., commented, "Our foremost goal is to be listed on a major exchange, providing our shareholders with a better trading platform than they have now. We have a ten percent working interest in the New Miami Prospect, and concurrently, management is looking at potential acquisitions within Canada and the USA."
The Company also notes there has been a delay on the share acquisition by the European Company as the auditor valuations are taking longer than expected. Subject to final approval and audit, an overview of the structure of the company and its ownership of assets may be found on the homepage at www.uniontownenergy.com
The Company also expects to have an update on the progress being made at the New Miami Prospect within the next seven to ten days. The Company also notes that the United States Securities and Exchange Commission permits oil and gas companies, in their filings, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Therefore, the Company is not able to accurately provide data on the amount of oil being produced from the new pump at this time given the lack of long term data available.
About UnionTown Energy Inc.
UnionTown Energy Inc. (UTOG) is an independent oil and gas company that owns 48% of NX Petroleum Inc., which has a letter of intent to be purchased by a European listed petroleum company. On completion of the NX Petroleum-European Petro transaction, UTOG will own 48% of the shares of the European petro company and a 10% working interest in the New Miami Prospect. UnionTown Energy Inc. is a proud member of the Montana Petroleum Association. For more information please visit www.UnionTownEnergy.com.
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 titled "Risk Factors" contained in the Company's 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.
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Additional information may be found at the following web site: http://tinyurl.com/cjrx9t6