Science & Technology
Science and Technology
Science and Technology
Tue, October 6, 2009
Mon, October 5, 2009 UC Hub Group Inc.: UC Hub Group Funds and Drills First Oil/Gas Well
LOS ANGELES, CA--(Marketwire - October 5, 2009) - UC Hub Group Inc. (
Crawford County's big field discovery was in 1906, and the area has a long history of production of sweet, shallow and low sulfur Oil in the Mississippian and Pennsylvanian formations. Many oil and gas distribution companies and marketing companies, including the Marathon Oil Refinery (formerly Ohio Oil Company) -- the fifth largest crude oil refinery in the U.S. -- are located in the area. Visiting the well site, management was impressed with the density of oil and gas wells in Crawford County and in the immediate area of the joint venture project and equally impressed with the number and quality of wells that had been recently drilled by Rector Drilling.
UC HUB/Rector has aggressively drilled the first 80-90 feet and set the surface pipe and casing. Rigs, tools, equipment, and staff are in place and drilling is ongoing. The tank battery for the oil storage is also in place. The expected depth of this hole is approximately 1,900 feet (Salem zone of the Mississippian), with the potential of multiple pay zones. There are additional opportunities with this 400-acre lease, once this first well is successfully completed. Wells in this general area have produced oil for multiple years, ranging from 1 barrel a day to 1,000+ barrels a day.
This project with Rector is the first of what management believes will be multiple joint venture projects that will produce revenue, stability, and longevity to compliment the Company's mining opportunities in Montana. CEO Larry Wilcox stated, "In our continuing efforts to deliver as promised, we now have a mining site, an oil and gas property, and equipment in place both at Montana and Illinois; we promised an active program and within a week we began drilling. We are optimistic about the potential for this well for profitable production. With a little cooperation from Mother Earth, we will soon see the success of our revenue model and a strengthening of our balance sheet."
[ 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 there from 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 ].
