Uniontown Energy Inc. (OTC: UTOG) is set to acquire oil and gas property located in Montana, previously announced under a letter of intent on February 16, 2011. The company completed its due diligence and is scheduled to close this agreement within a month. The Musselshell property is comprised of 7,000 acres covering the Heath and Amsden formations, which are defined by seismic data. The western half of the property has the potential to support 16 horizontal drill sites with 2,000 foot horizontal legs in the Heath formation. The seismic data on the eastern half of the property also shows exploration potential in the Amsden formation.
The company yesterday announced its appointment of Darren Stevenson as the new president and CEO of the company. Stevenson takes the place of former president and CEO Terry Fields, who will continue with the company as a member of the board of directors. Stevenson posted significant gains in revenues, profits and market share for companies such as Royal Dutch Shell in the Hague, Netherlands. During his tenure at Royal Dutch Shell, he led a team that delivered more than $1 billion USD in new business and was a recipient of a Shell Rainmaker award. Stevenson has experience in engineering capacities for companies such as Syncrude Canada, Shell Canada and the University of British Columbia Industry Liaison Office.
The company postponed the closing of its previously announced purchase agreement with JayHawk Energy due to discrepancies in the target property size. Initially the property represented to the company was 45,000 acres held by Jayhawk in Kansas as set out on the Jayhawk Web site. However, the due diligence process discovered discrepancy on the size of the property originally offered by JayHawk.
Uniontown Energy stock is currently trading at $1.805. The stock is up 0.28% from its previous close. Uniontown Energy stock touched the high of $1.95 and lowest price in today’s session is $1.22. The stock currently is trading below its 50-day and 200-day moving average of $0.79 and $0.32, indicating bearish sentiment. The company stock has traded in the range of $0.0417 and $1.81 during the past 52 weeks.
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