S&P Capital IQ announced today that it has commenced Standard & Poor’s Factual Stock Report coverage on Underground Energy Corp.
Underground Energy Corp. (TSXV: UGE; OTCQX: UGGYF) engages in the identification, acquisition, exploration, development, and production of oil and gas reserves from shale formations in the Western U.S. As of December 31, 2011, UGE held mineral rights on approximately 69,291 net acres of highly prospective lands in California and Nevada.
Underground holds approximately 30,320 net acres prospective for Monterey shales in the Santa Maria and San Joaquin Basins in California. The company's initial focus is conventional oil recovery from naturally fractured Monterey targets. The Zaca Field Extension Project (''Zaca'') is located within the Santa Maria Basin. UGE has an 80% working interest in the property. The company has commenced with its 2012 drilling program and has completed one well (Chamberlin 4-2), with another underway (Chamberlin 3-2). Chamberlin 4-2 penetrated a new fault block with more than 900 feet of continuous, strong oil shows in a section of Monterey consistent with the most productive sections at the existing Zaca field and elsewhere in the Santa Maria Basin. However, the Chamberlin 4-2 experienced mechanical issues and the company decided to pull the well back to the intermediate casing and it will re-drill this well at a later date. In the meantime, the company immediately started drilling the Chamberlin 3-2 well as a 300 feet offset ''twin well'' to Chamberlin 4-2 and this well has been specifically designed to target and produce from the new fault block. The company anticipates drilling and production testing the Chamberlin 3-2 well by late May or early June, 2012. At December 31, 2011, UGE had an 80% interest in 7,750 gross acres of developed and undeveloped land in the Zaca property.
On August 17, 2011, Underground (formerly Shenul Capital Inc.) completed a reverse merger transaction with Underground Energy Inc. (''Old Underground'') whereby a wholly owned subsidiary of Underground acquired all of the issued and outstanding shares of Old Underground, which was then amalgamated with the wholly-owned subsidiary of Underground. This reverse merger was the process by which Underground became publicly listed on the Toronto Venture Exchange (''TSXV'').
The company was founded in 2007 and is based in Santa Barbara, California. The company is incorporated and domiciled in the British Virgin Islands.
Standard & Poor’s Factual Stock Report coverage on Underground Energy Corp will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.ugenergy.com for additional information.
About Standard & Poor's Factual Stock Reports
Currently profiling over 500 issuers, Standard & Poor’s Factual Stock Reports, produced by S&P Capital IQ, increase market awareness of issuers in the investment community with insightful commentary and key statistics and information. Standard & Poor’s Factual Stock Reports provide factual research coverage about company fundamentals and business prospects, thereby enabling information about covered companies to reach a wide investor audience of Buy and Sell-side investors. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is underwritten by the issuer, S&P Capital IQ does not offer investment opinions concerning the advisability of investing in these stocks.
Standard & Poor’s Factual Stock Reports are produced separately from any other analytic activity of S&P Capital IQ or related organizations. S&P Capital IQ does not trade on its own account.
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