UC HUB Group Forms Joint Venture on Six Oil Wells
LOS ANGELES, CALIFORNIA-- (MARKET WIRE)-December 10, 2009 - UC Hub Group Inc (UCHB.PK)-NEWS announced that 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 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 compliment 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 www.uchub.net.
This news release includes forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this news release include statements regarding the potential of the property and the enhanced value of the Company. The forward- looking statements are subject to risks and uncertainty, that could cause actual results to differ materially from those projected in these forward-looking statements Such statements include the risks that the property may not be as valuable as anticipated, the ability of management to successfully operate the property and market any products derived therefrom and general economic conditions.. All forward-looking statements in this news release are made as of the date of this press release, and the Company assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the risk factors discussed in the Business and Management's Discussion and Analysis sections in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings are available at www.sec.gov.
Contact:
Larry Wilcox - info@uchub.net
1 800 278 8870
