UCHB news!! UC Hub Group Forms Joint Venture on Six Oil Wells
LOS ANGELES, CA, Dec 10, 2009 (MARKETWIRE via COMTEX) -- UC Hub Group, Inc. (PINKSHEETS: UCHB) announced that it has formed a joint venture with privately held Rector Drilling of Robinson, Illinois on six existing wells on UCHB's 80-acre lease in Crawford County, Illinois. The wells are completed to a 1000-ft. depth with tubing, electricity, pump jacks and storage tanks. An injection well is also completed, and the joint venture expects to drill several new injection wells on the property to enhance existing production. The wells, which were drilled in the '80s, will need some enhancements to take them from present production of two barrels per day to a projected 30-40 barrels per day.
The leased property and its completed and installed equipment will position UC HUB with additional oil-production assets and immediate revenue. The Company is negotiating additional leases in the area to complement a larger lease strategy to enhance revenue through production versus exploration. These additional wells drilled in the '80s produced 70 barrels a day at that time.
"We expect these drilled and completed wells, which will generate immediate revenue for the Company, to result in notable growth based on UC HUB's present business model and management's confidential projections," said Larry Wilcox, president. "Additionally, these newly acquired assets will provide leverage for the acquisition of additional revenue-generating assets and joint ventures," he said.
UC Hub Group, Inc. is an acquisition-oriented company focused on recurring revenue and growth through a portfolio of producing oil and gas leases and proven mineral and gem properties throughout North America. Visit the Company's web site at http://www.uchub.net.
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