Penny Stock News: UnionTown Energy (UTOG) Announces Purchase of 24000-Acre Talisman Darby …

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BILLINGS, MT–(Marketwire – Apr 26, 2011) – UnionTown Energy Inc. (OTCBB: UTOG) is pleased to announce that the Company’s offer to purchase the 24,000 acre oil and gas property, formerly owned by Fortuna (US) L.P. (now operating under Talisman Energy USA Inc.), was accepted yesterday.


The property, known as the Darby Block Prospect, is secured with a non-refundable $1,000,000 US deposit, which will be advanced over the next 5 days by the Company against the purchase.


A geologist report obtained from an independent third-party engineering firm has identified two primary prospects covering 5,000 acres within the 24,000 acre property (the “Report”). The combined potential recoverable reserve for both prospects has been estimated at 80 million barrels of oil and 716 billion cubic feet of natural gas, or 120 million Barrels of Oil Equivalent (BOE).


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Article source: http://www.marketwire.com/press-release/uniontown-energy-utog-announces-purchase-24000-acre-talisman-darby-property-wyoming-otcbb-utog-1506154.htm