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Underground Energy's primary focus is to identify, acquire rights to, explore for, develop and produce oil reserves from shale formations principally in the Western US. Underground Energy focuses on identifying and acquiring sizable land positions and prospects in historically prolific but under-explored shale formations and in emerging shale plays that hold large volumes of oil and gas resources. The company has 68,524 net acres in California and Nevada.
| Market Value1 | $41,544,285 | a/o May 11, 2012 |
| Shares Outstanding | 204,651,652 | a/o May 10, 2012 |
SANTA BARBARA, CA, May 11, 2012 /CNW/ - Underground Energy Corp. ("Underground", "UGE" or the "Corporation") (TSX VENTURE: UGE) announced today that its shares have commenced trading in the United States on the OTCQX International under the symbol "UGGYF". Underground's shares will continue to trade in Canada on the TSX Venture Exchange under the symbol "UGE".
"Trading on the OTCQX is an efficient way for us to improve our visibility with a range of U.S. investor audiences within the construct of our existing regulatory obligations," said Michael Kobler, President and CEO of Underground. "We believe that it will also help simplify the process for US residents to acquire stock in Underground and we welcome the addition of Global Hunter Securities, LLC ("GHS") as a market maker in our stock."
OTCQX is the premium tier of the U.S. Over-the-Counter (OTC) marketplace which gives non-U.S. companies access to U.S. investors, without the duplicative regulatory costs required of a listing on a traditional U.S. exchange. OTCQX companies use the quality-controlled OTCQX platform to offer investors transparent trading, superior information, and easy access through their U.S. regulated broker-dealers. Investors can find current financial disclosures and Real-Time Level 2 quotes for Underground on www.otcmarkets.com.
GHS will serve as Underground's Principal American Liaison ("PAL") on the OTCQX, and has acknowledged to the OTC Markets Group that the company meets the requirements of the OTCQX International. GHS will also be a market maker for Underground on the OTCQX.
About Underground Energy Corporation
Underground is focused on identifying, acquiring rights to, exploring for, developing and producing oil reserves from shale formations in North America using the latest exploration and recovery techniques and technologies. Underground focuses on identifying and acquiring sizable land positions and prospects in historically prolific but under-explored shale formations as well as in emerging shale plays that, in both instances, hold large volumes of prospective resources. Underground currently holds hydrocarbon rights on approximately 68,524 net acres of highly prospective lands in California and Nevada with an initial focus on the Monterey shale in California. Underground is listed on the TSX Venture Exchange under the ticker symbol "UGE". For more information on Underground, including a copy of the Corporation's latest corporate presentation, please visit www.ugenergy.com. Underground's regulatory filings are available under the Company's profile at www.sedar.com.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the world's largest OTC marketplace for equity securities. The OTC Link® trading system of the OTC Markets Group Inc. ("OTCMG") delivers price transparency in over 10,000 securities and enables direct interaction between broker-dealers that provide liquidity and execution services. OTCMG organize the wide spectrum of OTC-traded equity securities into three marketplaces to inform investors of opportunities and risks - OTCQX® - The Intelligent Marketplace for the Best OTC Companies; OTCQB® - The Venture Marketplace; and OTC Pink® - The Open Marketplace. OTCMG's information-driven platform makes it easy for investors to trade at the best price through the broker of their choice and empowers companies to build the best markets for their investors. To learn more about the OTCMG, visit www.otcmarkets.com.
About Global Hunter Securities
Global Hunter Securities, LLC is a full-service independent international investment bank focusing on Natural Resources sectors, including Oil & Gas Exploration & Production, Oil Field Services, Metals & Mining, Shipping and Industrials. GHS provides idea-driven research, and innovative capital raising, financial advisory and restructuring services, all supported by robust sales and trading teams. GHS serves clients around the world from offices in New Orleans, Boston, Calgary, Chicago, Costa Mesa, Fort Worth, Houston, New York, and San Francisco. For more information about GHS, please visit www.ghsecurities.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains links or references to other websites maintained by third parties over whom Underground has no control. Such links are provided merely as a convenience. Inclusion of any third party link in this press release does not imply an endorsement or recommendation by Underground as to the accuracy or validity of the information on such websites and Underground does not accept any responsibility for the content or presentation of linked websites.
For further information:
Peter Ballachey
Chief Financial Officer
Underground Energy Corporation
Tel: 805-845-4700 x 17
