Yesterday, during a global teleconference, the Management and
Board of United Energy Group plc has determined the business goals for
the ongoing business year (07/07-06/08) and allocated the necessary
budget.
Whilst the annual accounts and audit as well as the first annual
meeting are being prepared, Chairman Dr. Holger Friedrich and CFO
Dietmar Schuler announced production increase as priority no. 1.
Friedrich said: 'During the passed business year identification
and contracting our proven 30,000,000 barrel of oil reserves was the
main goal. Now we increase the production to a level on which the
company and its shareholders can benefit from the effects of the
nicely increased price of oil. We committed to related investments and
programs and will execute them immediately. Additionally we expect
that negotiations about potential cooperation in the production area
in Texas and Oklahoma will lead to contractual agreements shortly. The
irrevocable goal is a daily production size of UEG of 1,000 barrel by
the end of this fiscal year June 30th 2008 would not cross the 1,000
barrel line. All company activities have to serve this goal. The goal
is realistic and doable. With this, already in the first full year of
operation, we will realize an increase in daily production of about
1,000 %.'
Dietmar Schuler, CFO of the company, explained: '1,000 barrel per
day, seen from today's figures, will translate into annual revenue of
about $30,000,000. After deduction of state and landowner royalties
the company will achieve a gross margin of more than $20,000,000,
which will most certainly lead to an after tax profit. With this UEG
will have the basis to be accepted in the Entry Standard of the German
Stock Exchange as planned for the turn of the year. '
About
UEG United Energy Group Plc is a listed oil & gas company. The
business model is based on the exploration and reactivation of disused
oil fields, predominantly in the U.S. mainland. The produced crude oil
subsequently finds his purchasers in the surrounding refineries.
Currently the company has access to more than 500 oil wells.
Altogether, United Energy Group possesses proved reserves of 30
million barrel of crude oil. With specific investments in the oil
field development the company wants to achieve a higher operative
efficiency as well as a steadily rising production capacity. The
strategy for the next months and years is based on a dynamic expansion
policy.
Forward-Looking Statement This news release may contain certain
forward-looking statements, including declarations regarding United
Energy Group and its subsidiaries' expectations, intentions,
strategies and beliefs regarding the future. All statements contained
herein are based upon information available to UEG management as of
the date hereof, and actual results may vary based upon future events,
both within and without the control of UEG management, including risks
and uncertainties that could cause actual results to differ materially
including, among other things, the impact that acquisitions may have
on the company and its capital structure, exploration results, market
conditions, oil and gas price volatility, uncertainties inherent in
oil and gas production operations and estimating reserves, unexpected
future capital expenditure requirements, competition, governmental
regulations and other factors.
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United Energy Group Plc 45 Doughty Street London WC1N 2LR
United Kingdom
Registered in England and Wales Registered number 05792859
Web: www.unitedenergy.com
E-Mail: info@unitedenergy.com 27.09.2007
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