|By Marketwired .||
|July 3, 2014 12:19 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 07/03/14 -- United Hydrocarbon International Corp. ("United" or the "Company") announces that it has been served with a Statement of Claim with respect to the ownership of the Company's Production Sharing Contract in Chad. The Company believes the claim is without merit and will defend this action vigorously. United Hydrocarbon is preparing a Statement of Defense and Counterclaim which will be filed shortly.
ABOUT UNITED HYDROCARBON INTERNATIONAL CORP.
United Hydrocarbon International Corp. is a private Canadian based company. United has a 100% working interest and is the operator of a Production Sharing Contract ("PSC") in Chad through its wholly-owned subsidiary United Hydrocarbon Chad Ltd. in two, world-class, oil bearing rift basins. The PSC includes four existing oil discoveries in four separate blocks of land that cover 5.3 million acres. The Company's directors and management team have successful track records identifying, acquiring, financing and operating onshore oil and gas assets internationally.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking information that involves substantial known and unknown risks and certainties, most of which are beyond the control of United, including statements pertaining to the lawsuit. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Readers are cautioned to not place undue reliance on forward-looking statements. While United believes the expectations reflected in the forward-looking statements are reasonable, actual results and developments may differ materially from those contemplated by these statements depending on, among other things, issues encountered in drilling, completion and tie-in operations, the amount and timing of capital expenditures, the ability to finance those expenditures and other factors beyond United's control. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, United does not assume any obligation to update or revise them to reflect new events or circumstances.