ADDISON, Texas, June 30, 2020 (GLOBE NEWSWIRE) -- United Energy Corp. (UNRG) is proud to announce that it has signed a non-binding LOI to acquire an oil and gas operator located in the Texas Panhandle. The target company operates 15,000 acres with approximately 2,000 gross barrels of oil per day and has over 100 drilling locations. The closing of this transaction is pending the successful final due diligence of the target company. Under the current non-disclosure agreement, the target company will be announced upon the closing of the transaction.
“Once finalized, it will immediately put United Energy Corp. on the map as a major player in the oil and gas industry,” stated Sam Smith, CEO of United Energy Corp. “Our management team is also actively in discussions with several other lease holders throughout North and South West Texas as the company continues to expand its holdings through acquisition.” Sam Smith continued, “We believe this pending acquisition will bring immediate value to our shareholders and position the company for rapid expansion.”
We are also excited to announce that the company has recently completed its two-year audit. The company plans on becoming a fully reporting company in the near future. “Our management team has worked diligently to complete this audit and position United Energy Corp. and our shareholders for rapid growth, while bringing transparency to the marketplace,” Sam Smith continued, “After becoming a fully reporting company, we plan to file a Reg A+ offering for this unprecedent opportunity in the energy industry.”
United Energy Corp. is also actively seeking to add several key individuals to its management team and board of advisors. “With the recent downturn in oil prices, the opportunity to acquire top level executives in the energy industry is at unprecedented levels,” Sam Smith continued, “We have had in-depth conversations with several leaders of the oil & gas industry and hope to announce exciting additions to our team which will help maximize shareholder value.”
About United Energy Corp.
United Energy Corp. is a fully integrated, vertical E&P Company with holdings and operating authority in the midsouth. It is the intention of United Energy Corp. to grow its lease and mineral holdings through improved production and additional acquisitions. United Energy produces hydrocarbons from its existing inventory of holdings. The primary focus is oil and, in some cases, complimented by natural gas, condensate and other items. For more information, please visit www.rigworxinc.com.
This press release is for informational purposes. This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements due to risks and uncertainties associated with our business. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
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