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UC Hub Group, Inc.: UC Hub Group Signs JV Deal and Funds the First Oil Well

^{Published on 2009-10-02 07:37:32 - Market Wire}
 

LOS ANGELES, CA--(Marketwire - October 2, 2009) - UC Hub Group, Inc. (OTCBB: [ UCHB ]) announces the formal signing of the JV deal with Rector Drilling who own producing oil wells, drilling rigs, leases, and equipment. This deal was announced in a Letter of Intent on February 2009 and management has recently traveled to the drilling location and consummated the 50-50 deal. UC Hub plans on forming a long term relationship with Rector Drilling contingent upon the success of such drilling sites as Rector has 40 years of drilling experience and owns many wells and a substantial amount of drilling equipment.

Crude Prices according to the AP have been between $59 and $75 with a close on Wednesday of $70.10 a barrel. The Company believes that strategically aligning with a group with expertise in the oil and gas business and who own producing oil wells, rigs, equipment and leases, will position the Company to strike quickly in the Oil and Gas industry, if the market and success quotients warrant such. This is a tactical opportunity for UC Hub to leverage expertise, equipment, and leases with minimal risk and the potential of revenue.

The first funded drilling site has been targeted and is expected to be a shallow well of not more than 2000 feet. Rector has successfully drilled in the area prior to this well and believes this JV Well has potential for multiple pay zones. Permitting has been applied for and parties expect to report the results of such soon. The quality of oil is considered sweet with historic distribution and refining partners in place. UC Hub Group, Inc. expects to announce in October 2009 the actual permits, and drilling results of this first JV Oil Well within the first week of October.

[ www.uchub.net ]

Safe Harbor Provision

This news release includes forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this news release include statements regarding the potential of the property and the enhanced value of the Company. The forward-looking statements are subject to risks and uncertainty, that could cause actual results to differ materially from those projected in these forward-looking statements. Such statements include the risks that the property may not be as valuable as anticipated, the ability of management to successfully operate the property and market any products derived therefrom and general economic conditions. All forward-looking statements in this news release are made as of the date of this press release, and the Company assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the risk factors discussed in the Business and Management's Discussion and Analysis sections in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings are available at [ www.sec.gov ].