UnionTown Energy Inc. (UTOG) Solidifies Terms of Definitive Agreement for the New Miami Property Acquisition, Plans Aggressive Drilling Campaign
UnionTown Energy, the North America-focused oil and gas developer reported consolidation of the material terms for a definitive agreement today whereby the Company will acquire the promising “New Miami” resource property. UnionTown has also issued a non-refundable $300k advance in conjunction with the move towards acquisition that will contribute to the eventual purchase price. The New Miami property in northern Montana rests within a tantalizingly prolific oil and gas district that has seen in excess of 300M barrels of oil and 500B cubic feet of natural gas to date, all produced within a 50 mile radius. This acquisition bears all…