CALGARY, ALBERTA -- (Marketwire) -- 11/19/12 -- United Hunter Oil & Gas Corp. (TSX VENTURE: UHO) ("UHO").
United Hunter Oil & Gas Corp., by and through Excelaron, LLC, and its partners, has filed a Petition for writ of Mandate; Complaint Inverse Condemnation and Damages action against the County of San Luis Obispo. United Hunter Oil & Gas Corp. (the "Corporation"), has a 65% interest in Excelaron, LLC. Excelaron, LLC, is seeking to recover just compensation for the value of its mineral estate from the County, as well as reasonable attorney's fees, expenses, and costs of suit.
The bases of the suit are;
1. The County, by and through its Planning Commission and Board of Supervisors, abused its discretion when it denied the Excelaron Project. Specifically, the County failed to proceed in the manner prescribed by its own laws and ordinances when it applied new and unwritten standards to the Project, when it interpreted its laws and ordinances in a way that precluded approval of the Project, and when it refused to consider any Project alternatives pursuant to CEQA. 2. The County further abused its discretion because its decision was not supported by the findings it adopted, and the findings were not supported by substantial evidence in the record. 3. The County's actions have effected a regulatory taking of Excelaron's and other mineral right holder's property (the "Petitioner") and the County has further failed to proceed in a manner prescribed by law because it has not paid just compensation to the Petitioner for the taking. 4. The County will not approve any oil development in the Huasna Area. Accordingly, the Petitioner has been prevented from accessing or utilizing its mineral estates, which, as separate and legally-distinct property interests under the law, have been deprived of all economic value. 5. Petitioner's mineral interests are part of a State of California Division of Oil, Gas & Geothermal Resources (DOGGR) designated oil field, which is believed to encompass an area of approximately 720 acres in size and 208,000,000 barrels of oil. At current price of $100 per barrel of oil, this amounts to a gross value of $20.8 billion worth of oil in the reservoir. Approximately 30% of the reservoir is recoverable using the best available, practicable technology, which would value the recoverable oil at approximately $6.24 billion. The Excelaron Project, if approved, would have produced up to 1,000 barrels of oil per day from this reservoir, or approximately $100,000 worth of oil each day for a substantial portion of the life of the project.
United Hunter Oil & Gas Corp. (www.unitedhunteroil.com) is a Canadian based corporation with management very experienced in the oil and gas industry and has projects in California and Canada. United Hunter Oil & Gas Corp. is publicly traded on TSX Venture Exchange (TSX VENTURE: UHO). The Corporation's public filings may be found at www.sedar.com.
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