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Enter Symbol
or Name
USA
CA



United Hunter Oil & Gas Corp (3)
Symbol UHO
Shares Issued 17,480,375
Close 2019-12-03 C$ 0.06
Market Cap C$ 1,048,823
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United Hunter signs assignment agreement with Texaskew

2019-12-12 08:31 ET - News Release

Mr. Timothy Turner reports

UNITED HUNTER OIL & GAS CORP. PROVIDES GREATER DETAIL ON THE ASSIGNMENT AGREEMENT WITH TEXASKEW ENERGY, LLC

United Hunter Oil & Gas Corp. has entered into an assignment agreement dated Dec. 9, 2019, with Texaskew Energy LLC pursuant to which the rights and obligations of Texaskew under a project agreement dated Nov. 15, 2019, with GulfSlope Energy Inc. will be assigned and transferred to United Hunter for a period of six months, subject to the corporation's option to renew for an additional six-month period.

GulfSlope is the licensee in respect of approximately 440 blocks of 3-D seismic data, licensed from third party seismic vendors. Under the project agreement, Texaskew agreed to compensate GulfSlope for $50,000 (U.S.) per month to cover its administrative costs and oversight expenses associated with the evaluation teams efforts to generate prospectus under this agreement and any mutually agreed upon expenses related to upgrades or data analysis with respect to the suprasalt geologic opportunities (above or equal to 15,000-foot subsea true vertical depth) generated across the existing seismic inventory, which cover approximately 4,000 square miles in the Gulf of Mexico. In consideration of Texaskew's commitment to complete the financing for a period of up to 12 months, the project agreement grants Texaskew the right to participate in the development of any shallow prospect identified on a 50-50 basis with GulfSlope, subject to obtaining a licence of the seismic data covering the prospect from the applicable third party seismic vendor. Pursuant to the transaction, the obligation to complete the financing, and the corresponding right to participate in the development of any identified shallow prospects, will be assigned to United Hunter during the term(s) noted above.

On closing of the transaction, United Hunter will issue to Texaskew (i) a total of 3.9 million common shares of the corporation as transaction consideration; and (ii) issue common shares of the corporation to Texaskew reimbursing Texaskew for up to $75,000 of expenses incurred in pursuit of the project agreement at a deemed price of five cents per share (to a maximum of 1.5 million common shares).

In order to finance its financing commitments and provide general working capital, on or before completion of the transaction United Hunter will conduct a private placement of units for minimum gross proceeds of $1-million, up to maximum gross proceeds of $1.2-million. Each unit will comprise one common share and one-half of a common share purchase warrant at a price of five cents per unit. Each whole warrant will entitle the holder to acquire one additional common share of the corporation for a period of two years at a price of 10 cents, subject to acceleration. If at any time between the date that is four months and one day from the closing of the offering and the expiry date of the warrants, the closing price of the corporation's common shares on the TSX Venture Exchange is equal to or greater than 10 cents for 10 consecutive trading days, then the corporation may, at is sole option, elect to provide notice to the holders of the warrants by news release that the warrants will expire at 4 p.m. Vancouver time on the date that is 30 days from the date of the acceleration notice. In such instance, all warrants that are not exercised prior to the accelerated expiry date shall expire on the accelerated expiry date. Offering proceeds in excess of the minimum $1-million will be subject to the pricing policies of the TSX Venture Exchange and may be adjusted following the resumption of trading of the company's securities prior to completion of the offering.

The completion of the transaction is subject to a number of conditions, including but not limited to completion of business, legal and tax due diligence by the parties to the transaction, completion of the offering for gross proceeds of no less than $1-million, receipt of GulfSlope's consent to the transaction, and the approval of the transaction by each of the TSX Venture Exchange and the boards of United Hunter and Texaskew.

About United Hunter Oil & Gas Corp.

United Hunter Oil & Gas is a Canadian-based corporation with management very experienced in the oil and gas industry.

We seek Safe Harbor.

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