EAST HANOVER, N.J., June 5, 2012 /PRNewswire/ -- Unity Management Group (OTC: UYMG) is pleased to announce the acquisition of a key oil lease on 13 established wellbores through a work farmout agreement by its subsidiary, On Track Technologies Solutions Inc. (OTT). The farmout interest will be split with OTT receiving the majority interest for treating and equipping the wells, while the operator will retain a performance based carried interest for maintaining the wells after treatment and installation of equipment by OTT.
"We are pleased to bring a project of this caliber to the shareholders of Unity Management Group. For the past several months OTT has worked with several consulting firms, as well as a Petroleum Engineer, to complete the terms of the farmout agreement. At this point, we are confident of the potential production of the leases, as well as what we need to do to bring them back online," said Eddie Schilb, President of OTT. "An initial inspection of these wells indicates several of the wells free flowed. We believe that less than 3% of the wells in the United States are considered to be free flowing, producing wells."
Mychael Oliver, President of Unity Management Group, said, "With oil prices trading around $84.00 a barrel, and several free flowing wells, we are excited to discover the full potential of the leases. Should prices trend higher, towards last year's oil prices, the commercial viability of these wells is even greater. We look forward to updating our shareholders on the results of this farmout agreement."
About Unity Management Group, Inc.
Unity Management Group, Inc. views many projects that come into our offices. Our network of contacts in the financial community and our experience facilitates the development of relationships that may lead to financing, joint ventures and other opportunities that are so essential in this age of business and technological relationships.
Unity Management Group, a Business resource company, will continue to provide innovative management services that offer high value and significant return on investment through its three subsidiary companies: Unity Capital Acquisitions, Unity Technologies Inc., and United Business Services Inc.
Unity Technologies Inc. is a complete software solutions company offering billing, electronic medical records, and electronic health records for physicians' offices and hospitals.
Unity Capital Acquisitions will focus on building and accelerating growth oriented companies, with the intent of spinning them out to our shareholders as separate public companies.
For more information please go to our website which can be found at
About On Track Technology
On Track Technology Inc. uses multiple patent technologies for Enhanced Oil Recovery (EOR) gas treatment. We will use this patented technology with other proven EOR technology currently used in the industry. Throughout the United States there are primary depleted oil reservoirs representing billions of barrels of oil that lend themselves to the use and exploitation of Enhanced Oil Recovery and On Track Technology Inc.'s proven patented technology. Without EOR technology, these reservoirs will produce only about 20% of their Original Oil in Place. Gas injection EOR is a proven method that has been in use over the last 50 years in the oil fields of West Texas, Kansas, Oklahoma, Michigan, Wyoming and Oklahoma.
For more information please go to On Track Technology's website at www.ontracktechnology.net
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Unity Management Group, Inc.
SOURCE Unity Management Group, Inc.