UNX ENERGY UPDATES PROSPECTIVE RESOURCES FOR PETROLEUM LICENCE 2713

CALGARY, Feb. 17 /CNW/ -- 
CALGARY, Feb. 17 /CNW/ - UNX Energy Corp. (TSXV: UNX) ("UNX", or the
 "Company"), an emerging oil and gas company with interests in the
 offshore of the Republic of Namibia, announced today that per the
 Company's request, DeGolyer and MacNaughton of Dallas, Texas, ("D&M")
 have completed an update to their original Prospective Resources
 Evaluation Report (the "D&M Report") for UNX's Petroleum Licence
 ("PEL") 2713 dated April 1, 2010. The D&M Report was prepared in
 accordance with National Instrument 51-101 ("NI 51-101"), Sections 5.9
 and 5.10 standards for review and assessment of prospective resources.
 The Company has also received the finalized 3D Petroleum Systems
 Modeling report for PEL 2713, as prepared by Integrated Petroleum
 Expertise Co. ("IPEX"), which provides a scientifically supported
 thesis that the sub-surface conditions in the zones of interest in the
 PEL are primarily oil prone.


"We are very encouraged with the results of the IPEX 3D Model and the
 independent prospective resources estimates that we have received
 to-date from D&M," said Mr. Gabriel Ollivier, President and CEO of UNX
 Energy. "The new reports support our oil thesis for the 2713 licence
 area and provide an independent assessment of the magnitude, quantity
 and quality of prospects that we have identified in the region. UNX has
 increased the estimates for gross unadjusted recoverable prospective
 resources on our Namibian property from 2.4 billion barrels of oil
 equivalent prospective resources to 10.5 billion barrels of oil
 equivalent, an increase of approximately 438%, and the gross
 probability of geological success ("P(g)") adjusted prospective resources estimate by 557% to 3.2 billion
 barrels of oil equivalent. This represents an overall average
 geological probability of success of 30%. In addition, there is
 potential for our prospective resource numbers to further increase once
 D&M completes their prospective resources estimate for PEL 2815 and
 from the Moosehead feature that extends onto Block 2813A."


"UNX has been very aggressive and proactive in our efforts to obtain
 valuable data that reduces the uncertainty for the various prospects on
 our blocks in the Orange Basin," said Mr. Knowledge Katti, Director and
 Namibian representative of UNX. "We are very proud of our commitment
 and partnership with all Namibian stakeholders and look forward to the
 possibility of helping the country achieve energy independence and
 wealth through oil discoveries in its offshore concessions. While we
 are hopeful that big oil discoveries await us offshore, there is no
 disputing that the size of the prospects combined with the high
 geological probability of success are compelling, so we are confident
 that Namibia could indeed prove to be blessed with a prosperous energy
 future."


The prospective resources estimates from the updated D&M Report for PEL
 2713 are summarized in the following two tables:





Table 1: Gross Prospective Resources - PEL 2713



                                                               

     Description        P90           P50           P10       Mean est.
                     (Low est.)   (Best est.)   (High est.)

Recoverable Oil         2,447         6,042        14,596        7,527
(MMbbl)

Recoverable               263         1,018         4,307        1,911
Solution Gas (BCF)

Recoverable Gas         3,936        10,385        22,570       12,117
(BCF)

Recoverable               131           493         1,393         659
Condensate (MMbbl)

P(g) Adjusted                                                
Recoverable Oil                                                  2,134
(MMbbl)

P(g) Adjusted                                                
Recoverable                                                       543
Solution Gas (BCF)

P(g) Adjusted                                                
Recoverable Gas                                                  4,241
(BCF)

P(g) Adjusted                                                
Recoverable                                                       231
Condensate (MMbbl)

                                                               








Table 2: UNX Net Prospective Resources - PEL 2713 (90% Working Interest
 ("WI"))



                                                               

     Description        P90           P50           P10       Mean est.
                     (Low est.)   (Best est.)   (High est.)

Recoverable Oil         2,202         5,438        13,136        6,774
(MMbbl)

Recoverable               236           916         3,877        1,720
Solution Gas (BCF)

Recoverable Gas         3,543        9,347         20,314       10,906
(BCF)

Recoverable               118           443         1,253         594
Condensate (MMbbl)

P(g) Adjusted                                                
Recoverable Oil                                                  1,921
(MMbbl)

P(g) Adjusted                                                
Recoverable                                                       488
Solution Gas (BCF)

P(g) Adjusted                                                
Recoverable Gas                                                  3,817
(BCF)

P(g) Adjusted                                                
Recoverable                                                       208
Condensate (MMbbl)

                                                               





UNX has used the industry standard of 6:1 (thousand cubic feet per
 barrel of oil equivalent) for conversion of the D&M reported gas
 resources to oil equivalent resources resulting in the following
 summary table:


Table 3: UNX Calculated Recoverable Prospective Resources Summary - PEL
 2713



                                             

                         Gross Resources       Net Resources (90%WI)

   Description  Oil(1)  Gas(2)      Oil     Oil(3)  Gas(4)     Oil
                (MMbbl)  (BCF)  Equivalent  (MMbbl)  (BCF)  Equivalent
                                  (MMboe)                    (MMboe)

P(g) Unadjusted  2,578   4,199      3,278    2,320   3,779     2,950
P90 (Low est.)

P(g) Unadjusted  6,535  11,403      8,436    5,882  10,263     7,592
P50 (Best est.)

P(g) Unadjusted 15,989  26,877     20,469   14,390  24,189     18,422
P10 (High est.)

P(g) Unadjusted 8,186   14,028     10,524   7,368   12,625     9,472 
Mean est. 

                                                             

P(g) Adjusted    2,365   4,784      3,162    2,129   4,305     2,846





(1) Oil is defined as the arithmetic summation of D&M's estimate of gross
 prospective resources for recoverable oil and recoverable condensate.
(2) Gas is defined as the arithmetic summation of D&M's estimate of gross
 prospective resources for recoverable solution gas and recoverable gas.
(3) Oil is defined as the arithmetic summation of D&M's estimate of net
 prospective resources for recoverable oil and recoverable condensate.
(4) Gas is defined as the arithmetic summation of D&M's estimate of net
 prospective resources for recoverable solution gas and recoverable gas.





As presented in Table 3, the P(g) unadjusted gross mean oil-equivalent prospective recoverable resources
 is 10.5 (net 9.5) billion barrels of oil equivalent ("BOE") and a P(g) adjusted gross mean prospective recoverable resources of 3.2 (net 2.8)
 billion BOE which equates to an average probability of geological
 success of 30%.


UNX has also received the finalized 3D Petroleum Systems Modeling report
 (the "Model") for the 2713 licence area as prepared by IPEX. The
 69-page report applies advanced scientific methodologies in modeling a
 region's generation, expulsion, migration, timing, and entrapment of
 hydrocarbons. Moreover, the Model incorporates all available regional
 technical data including source rock, temperature and burial
 information; thus providing a highly defendable argument regarding the
 probabilities of oil versus gas generation. 


The conclusion of the IPEX Report is that the petroleum systems in the
 2713 licence area are considerably different than those encountered 140
 kilometers to the south-east in the Kudu gas field, with predicted
 present day sub-surface temperatures being much lower on PEL 2713
 compared to Kudu. Specifically, the Model provides a stress-tested oil
 argument for the prospects contained in the D&M Report, the only
 exception being the Chimay prospect which is more gas-prone. The Model
 is clear in its conclusion that the zones of interest for the massive
 Moosehead prospect are in the expected oil window for the region.


The Company is planning to issue several prospective resources reports
 over the course of 2011. The above independent resources estimates
 reflect several features mapped on Block 2713A, with some minor overlap
 to the west onto Block 2713B, this latter block remaining largely
 unmapped at this time due to sparse seismic coverage. The core prospect
 in the D&M Report is Moosehead, being a sizeable feature in the
 southern portion of 2713A. The Company's preliminary interpretations
 indicate that both of the Moosehead plays (the Aptian and Turonian)
 extends from the southern portion of Block 2713A onto the 2813A
 contract area, where UNX also holds a 40% working interest. The Company
 is working with its PEL 2813 joint venture partners to finalize the
 mapping of the two prospective zones and expects to issue an
 independent resources update once the collaborative process is
 complete. UNX's joint venture partners for PEL 2813 are HRT
 Participações em Petróleo S.A. (HRTP3:BZ) ("HRT"), the designated
 operator with a 40% working interest, and Acarus Investments
 (Proprietary) Ltd., a local Namibian company with a 20% carried
 interest. Additionally, the Company expects to take receipt of an
 independent prospective resources report for the 90%-owned PEL 2815 in
 the coming weeks.


The estimates of the prospective resources are prepared by D&M, an
 independent international petroleum consulting firm registered in the
 State of Texas. The report has been prepared in accordance with
 Sections 5.9 and 5.10 of NI 51-101, and is based upon D&M's review of
 technical data including geology, geophysics and reservoir parameters.


The D&M prospective resources report is available on the Company's
 website at www.unxenergy.com and is filed on SEDAR at www.sedar.com. UNX recommends that readers refer to the prospective resources report
 in its entirety as it details the process for determining the
 prospective resources estimates, the assumptions underpinning the
 modeling, and defines all of the technical terms used. The prospective
 resources estimates described in the report and in this release are
 "undiscovered resources" as defined in the Canadian Oil and Gas
 Evaluation ("COGE") Handbook. Undiscovered resources are defined as
 those quantities of oil and gas estimates on a given date to be
 contained in accumulations yet to be discovered. The estimate of the
 potentially recoverable portions of undiscovered resources are
 classified as prospective resources. Prospective resources are defined
 as those quantities of oil and gas estimated on a given date to be
 potentially recoverable from undiscovered accumulations.


In accordance with Section 5.9 of NI 51-101, the Company declares that
 there is no certainty that any portion of these resources will be
 discovered. If discovered, there is no certainty that it will be
 commercially viable to produce any portion of the resources.


Other Information


About BOE


BOE's may be misleading, particularly if used in isolation. A BOE
 conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency
 conversion method primarily applicable at the burner tip and does not
 represent a value equivalency at the wellhead.


About the Authors of the Independent Prospective Resources Report


D&M is an international petroleum consulting firm with offices in the
 United States of America, Canada and Russia, who specialize in
 evaluation of reserves and resources for major oil and gas companies,
 governments, financial institutions and the investment industry.
 DeGolyer and MacNaughton have conducted assessments of and for the
 largest petroleum and financial companies in the world. During seven
 decades, the firm has successfully performed studies on hundreds of
 thousands of petroleum properties in more than 100 countries. For more
 detail on D&M, please visit their website, at: www.demac.com


About IPEX


IPEX is located in Rio de Janeiro, Brazil, and is a subsidiary of HRT
 Participações em Petróleo S.A. It is a geological and geophysical
 services company that is recognized as the leading petroleum system and
 geochemical company in the southern hemisphere. The company provides a
 wide range of services, drawing from its professional petroleum
 exploration and environmental team, and its laboratory's
 state-of-the-art technologies. Examples of IPEX's offering include 3D
 petroleum system modeling of petroleum systems, molecular geochemistry
 of oil and gas samples including diamondoid analysis, and oil seepage
 detection services. For more detail on IPEX, please visit their website
 at: www.ipexco.com.br.


About UNX Energy Corp.


UNX Energy Corp. is a junior, independent oil and gas company, focused
 on exploration for crude oil in offshore Namibia, Africa. Headquartered
 in Calgary, Alberta, Canada, UNX's asset base consists of approximately
 51,000 square kilometres (approximately 32,000 net) of offshore
 acreage, strategically located along the prolific South Atlantic
 Margin. Development of these highly prospective blocks is being
 advanced by an experienced management team, qualified technical staff
 and strong in-country relationships. UNX employs strategic technical
 expertise to optimize the probability of exploration success in the
 region. UNX is committed to conducting its business in a socially and
 environmentally responsible manner, ultimately working towards the goal
 of sustainable development in Namibia's oil and gas sector for the
 benefit of all stakeholders.


On Behalf of the Board of Directors
of UNX Energy Corp.


Duane Parnham
Chairman


For further information visit our website at www.unxenergy.com
Sedar Profile #00016276


Forward Looking Information
This news release contains certain forward-looking statements that
 reflect the current views and/or expectations of UNX Energy Corp. with
 respect to its performance, business and future events. Investors are
 cautioned that all forward-looking statements involve risks and
 uncertainties including, without limitation, those relating to changes
 in the market, potential downturns in economic conditions, foreign
 exchange fluctuations, changes in business strategy, regulatory
 requirements, demand for our resources, competition and dependence
 on key personnel. These risks, as well as others, could cause actual
 results and events to vary significantly. UNX Energy Corp. does not
 undertake any obligations to release publicly any revisions for
 updating any voluntary forward-looking statements.


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.



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