Uniontown Energy Inc (PINK:UTOG) is delighted to inform that at 11:17 pm last night the drilling operations on the first well, located on the New Miami Property, Hole # 42-20H, has been successfully completed to a total depth of 5,307 ft and it resulted in a positive oil showings being detected from three zones.
All the zones are situated within the Madison Formation. The concluding 800 ft of the horizontal leg was drilled within the original target zone. On Tuesday, the drilling rig and the crew are being released and a service rig shall be mobilized shortly. The Company is supposed to review the final well logging reports and recommend from their well-site geological team to plan the completion program.
Uniontown Energy Inc., formerly Intelbahn Inc., is a company with no operations.
UnionTown President and CEO Darren Stevenson remarked that they are very pleased with excellent oil shows from three zones within the Madison formation at New Miami # 42-20H well and they will continue to focus on their drilling operations, building long-term stakeholder value and providing updates on a timely basis.
The shares of the Company are trading at $0.620 after rising 55% at 2:08PM EDT on Tuesday. The share prices have ranged at $0.35 – $0.65 as of now while over the period of 52-Week it has touched a highest at $2.60 and lowest at $0.04. Its market cap figured to $128.70 million.
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