CALGARY, ALBERTA -- (Marketwired) -- 08/18/14 -- This press release replaces the one disseminated at 3:48 PM ET on August 18, 2014. There was an error in the second paragraph. The corrected released is as follows:
United Hydrocarbon International Corp. ("United") is pleased to report that a recent press release published by the government of Niger dated November 13, 2013, indicated that the China National Petroleum Company ("CNPC") has discovered significant oil reserves in their property covering the Agadem Basin in the country of Niger, which is adjacent to United's Lake Chad properties.
In addition, Robertson (UK) Limited, a well-known independent oil and gas consultant in the United Kingdom, has stated in a public report that the CNPC Agadem recoverable reserves in Niger on a proved, probable and possible basis was 1.18 billion barrels of oil at the end of 2013 as well as "yet to find" oil potentially amounts an additional 834 million barrels of oil. The proven and probable component of the recoverable reserves estimates that number was estimated to be approximately 832 million barrels and the drilling was mostly based on 3D seismic.
The Agadem Basin is part of the prolific African Oil Rift System and extends from Niger into Chad. While CNPC owns part of the Niger portion of the basin, the Chad portion is mostly owned and permitted by United. There are more than 200 positive seismic prospects and leads identified by 2D seismic that United believes deserve drilling with the potential of outlining large pockets of oil in Chad, similar to what CNPC has outlined in Niger. United is working on the same Agadem geologic formation as CNPC, but on the Chad side of the Chad/Niger border.
United's Lake Chad block is greater than 1.8 million acres and has had 6 previous wells drilled by others providing 3 discoveries which contain in excess of 100 million barrels of recoverable oil as per an RPS Energy report undertaken for the Company in April 2012.
Accordingly, because of this positive event reported by its neighbour, United is in the process of arranging to extend its drilling program from its current locations in southern Chad where Management estimates drilling has identified approximately 50 million barrels of prospective resources, to its "Lake Chad" property in the north of Chad which hugs the Niger border next to the Agadem reserve reports recently released by CNPC.
United has retained Goodman Merchant Capital as a financial advisor.
ABOUT UNITED HYDROCARBON INTERNATIONAL CORP.
United Hydrocarbon International Corp. is a private Canadian based company. United has a 100% working interest and is the operator of a Production Sharing Contract ("PSC") in Chad through its wholly-owned subsidiary United Hydrocarbon Chad Ltd. in two, world-class, oil bearing rift basins. The PSC includes four existing oil discoveries in four separate blocks of land that cover 5.3 million acres. The Company's directors and management team have successful track records identifying, acquiring, financing and operating onshore oil and gas assets internationally.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of United, including statements pertaining to the Company's drilling plans, proven and probable reserves on lands adjacent to the Company's properties and recoverable oil. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Readers are cautioned to not place undue reliance on forward-looking statements. While United believes the expectations reflected in the forward-looking statements are reasonable, actual results and developments may differ materially from those contemplated by these statements depending on, among other things, technical and geological risk, security and political risks, the amount and timing of capital expenditures, the ability to finance those expenditures and other factors beyond United's control. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, United does not assume any obligation to update or revise them to reflect new events or circumstances.
Contacts:
United Hydrocarbon International Corp.
Bruce Sherley
President, Director
403-774-9966
investor@unitedhydrocarbon.com
United Hydrocarbon International Corp.
Ned Goodman
Executive Chairman
416-365-5665
investor@unitedhydrocarbon.com
www.unitedhydrocarbon.com
