United Hunter Oil and Gas Corp. Announces Operational Update on Its Joint Venture With Excelaron LLC
/EINPresswire.com/ -- United Hunter Oil & Gas Corp. (TSX VENTURE:UHO) ("UHO" or the "Corporation") announces that the management of Excelaron LLC ("Excelaron") has elected to dissolve the company and will be submitting a Certificate of Cancellation to the California Secretary of State's office to finalize this decision. After several failed attempts to secure approval from the San Luis Obispo County Board of Supervisors for a minor use permit to drill a test well, it has been decided to allow the remaining oil, gas and other mineral leases to expire on their own terms.
Excelaron also held title to undivided mineral interests in select properties in the Huasna Valley, San Luis Obispo County, California and has recently conveyed a proportional 65% interest to the Corporation for US$10 and other good and valuable consideration and 35% to Sacgasco, LLC for their interests in each of these mineral assets. These conveyance documents for the Corporation were recorded in the San Luis County Clerk's office on August 22, 2016 and received by the Corporation on September 23, 2016.
The combined dissolution of Excelaron, and the previously dissolved Alamo Creek, LLC, will conclude the Corporations efforts in California at this time but will not impede the Corporation from continuing with its review of other prospects both domestically and internationally.
United Hunter Oil & Gas Corp. (www.unitedhunteroil.com) is a Canadian based corporation with management experienced in the oil and gas industry with projects in the United States. United Hunter Oil & Gas Corp. is publicly traded on TSX Venture Exchange (TSX VENTURE:UHO). The Corporation's public filings may be found at www.sedar.com.
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.