UnionTown Energy Inc.(fka UTOG)

[SimplyTx]

Folks, I'd like to share an email response from UTOG's CFO:

[I sent Patrick Smyth an email asking him to please update the UTOG share holders with the current business status, etc....]

Here is Patrick Smyth's response:


from Patrick Smyth [e-mail]
reply-to [e-mail]
to xxxxxxxxxxxxxxxxxxxxxxxxxxxxx
date Thu, Feb 16, 2012 at 4:04 PM
subject RE: Attn: Patrick Smyth
Important mainly because of your interaction with messages in the conversation.

hide details Feb 16 (1 day ago)


Dear Sir,



Thank you for your email. The Company has previously announced that it will be listing on a major European exchange such as the London Stock Exchange or Frankfurt Exchange. The agreements are with the lawyers and we are not allowed to release the share structure, and migration of current shareholders until we have received formal clearance to do so. This should happen within the next two weeks.



We are not pleased with the recent share price, but are not surprised by this current volatility. The stock is currently trading on the grey sheet market and there is no bid/ask, making trading skewed. As we move to list on the new exchange, we will have a bid/ask and expect a resumption of normal trading.



We do not intend to re-list back on the OTCBB, as we have hit a myriad of roadblocks that have delayed us for over six months. To this date, we still have not received a reason from the S.E.C. as to the specifics as to why we were halted last year. And, as such, FINRA is unwilling to relist the Company until they know the reason. It’s a myriad of regulation and bureaucracy that seems to have become mainstream in the USA of late; something we look forward to avoiding on our new listing.



We have about $27 million in booked assets, which does not include the oil reserve potential from our four leasehold properties in Montana and Wyoming totalling over 45,000 acres. Our combined EUR reserve currently exceeds 132.8 million barrels of oil equivalent.



These unproven potential reserves are as follows:



1. New Miami 2.4 MM Barrels Light Sweet Crude

2. Musselshell 10.4 MM Barrels Light Sweet Crude

3. Teton TBD Heavy Crude

4. Darby Oil 120 MM Barrels Light Sweet Crude

5. Darby Gas 760 billion cubic feet gas



With the new European listing, we have had expressions of interest of investment from large investment banks and similar-type funds to move forward with our drilling plans. Once we are able to secure additional funding, we intend to move rapidly to develop our exploration and drilling plans to bring in revenues, as well as prove up our reserves which will add to our asset base.



UnionTown Energy remains committed to the oil and gas industry within the United States. There is a push to develop America's untapped energy resources and reduce our dependence on foreign oil. New technologies such as horizontal drilling and hydraulic fracturing have the potential to unlock the wealth in these reserves. Previously, it was common to recover about 20% of a reserve. Today's technology pushes recovery rates to 80% and higher. Further, the current high price of oil adds substantially to the overall opportunity.



Our company sees significant potential in Montana's and Wyoming’s under-developed shale fields, and we're moving swiftly to build our land portfolio in the state. Both States are supportive of oil and gas activity, including the use of the latest technologies for enhancing recovery. We intend to become a solid participant in the American energy sector and a steady oil and gas producer for many years to come.



It's clear that the oil and gas industry will play a pivotal role in supplying the world with energy far into the future. We continue to see oil prices rising possibly making UnionTown's return on investment very attractive.



Thank you for your continued support.





Patrick Smyth

Vice President of Finance

UnionTown Energy Inc.

http://www.uniontownenergy.com

Phone: [phone] extension 888

Facsimile: 310.388.3075