UHO United Hunter Oil and Gas Corp

United Hunter Oil & Gas Corp. (TSX VENTURE:UHO) ("UHO"). 

United Hunter Oil & Gas Corp., by and through Excelaron, LLC, and its partners,
has filed a Petition for writ of Mandate; Complaint Inverse Condemnation and
Damages action against the County of San Luis Obispo. United Hunter Oil & Gas
Corp. (the "Corporation"), has a 65% interest in Excelaron, LLC. Excelaron, LLC,
is seeking to recover just compensation for the value of its mineral estate from
the County, as well as reasonable attorney's fees, expenses, and costs of suit. 


The bases of the suit are;



1.  The County, by and through its Planning Commission and Board of
    Supervisors, abused its discretion when it denied the Excelaron Project.
    Specifically, the County failed to proceed in the manner prescribed by
    its own laws and ordinances when it applied new and unwritten standards
    to the Project, when it interpreted its laws and ordinances in a way
    that precluded approval of the Project, and when it refused to consider
    any Project alternatives pursuant to CEQA. 
2.  The County further abused its discretion because its decision was not
    supported by the findings it adopted, and the findings were not
    supported by substantial evidence in the record. 
3.  The County's actions have effected a regulatory taking of Excelaron's
    and other mineral right holder's property (the "Petitioner") and the
    County has further failed to proceed in a manner prescribed by law
    because it has not paid just compensation to the Petitioner for the
    taking. 
4.  The County will not approve any oil development in the Huasna Area.
    Accordingly, the Petitioner has been prevented from accessing or
    utilizing its mineral estates, which, as separate and legally-distinct
    property interests under the law, have been deprived of all economic
    value. 
5.  Petitioner's mineral interests are part of a State of California
    Division of Oil, Gas & Geothermal Resources (DOGGR) designated oil
    field, which is believed to encompass an area of approximately 720 acres
    in size and 208,000,000 barrels of oil. At current price of $100 per
    barrel of oil, this amounts to a gross value of $20.8 billion worth of
    oil in the reservoir. Approximately 30% of the reservoir is recoverable
    using the best available, practicable technology, which would value the
    recoverable oil at approximately $6.24 billion. The Excelaron Project,
    if approved, would have produced up to 1,000 barrels of oil per day from
    this reservoir, or approximately $100,000 worth of oil each day for a
    substantial portion of the life of the project. 



United Hunter Oil & Gas Corp. (www.unitedhunteroil.com) is a Canadian based
corporation with management very experienced in the oil and gas industry and has
projects in California and Canada. 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. 


Any statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future
events or are not statements of historical fact and should be viewed as
"forward-looking statements". Such forward looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Corporation to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such risks and other factors
include, among others, costs and timing of exploration and production
development, availability of capital to fund exploration and production
development; political, social and other risks inherent in carrying on business
in a foreign jurisdiction, the effects of a recessionary economy and such other
business risks as discussed herein and other publicly filed disclosure
documents. Although the Corporation has attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate as actual results and future events could vary or differ materially
from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements contained in this news release.


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.


This news release contains forward-looking statements based on assumptions,
uncertainties and management's best estimates of future events. When used
herein, words such as "intended" and similar expressions are intended to
identify forward-looking statements. Forward-looking statements are based on
assumptions by and information available to the Corporation. Investors are
cautioned that such forward-looking statements involve risks and uncertainties.
Actual results may differ materially from those currently anticipated. The
forward-looking statements contained herein are expressly qualified by this
cautionary statement.


FOR FURTHER INFORMATION PLEASE CONTACT: 
United Hunter Oil & Gas Corp.
Dr. Arthur Halleran
CEO
(403) 667-4941
ahalleran@unitedhunteroil.com
www.unitedhunteroil.com

Grafico Azioni United Hunter Oil and Gas (TSXV:UHO)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni United Hunter Oil and Gas (TSXV:UHO)
Storico
Da Giu 2023 a Giu 2024