UNX ENERGY UPDATES PROSPECTIVE RESOURCES FOR PETROLEUM LICENCE 2815 AND 2813

CALGARY, March 4 /CNW/ -- 
CALGARY, March 4 /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 at the
 Company's request, DeGolyer and MacNaughton of Dallas, Texas, ("D&M")
 have completed  Prospective Resources Evaluation Reports (the "D&M
 Reports") for UNX's Petroleum Exploration Licence ("PEL") 2815 which
 encompasses blocks 2815, 2816, and 2915, and PEL 2813. The Report for
 PEL 2813 is confined to the additions attributable to the Moosehead oil
 prospect that is on Block 2813A. Both D&M Reports were prepared in
 accordance with National Instrument 51-101 ("NI 51-101"), Sections 5.9
 standards for review and assessment of prospective resources and is
 dated January 31, 2011.


"The new independent prospective resource reports were anticipated and
 continue to confirm management's expectations regarding the potential
 of these blocks," said Mr. Gabriel Ollivier, President and CEO of UNX
 Energy. "The results reinforce our decision, as announced on February
 24, 2011, to align ourselves with HRT Participações em Petróleo S.A., a
 highly respected company with the financial resources and technical
 expertise to fully exploit the potential of UNX's Namibian assets. In
 addition to delivering an immediate and significant premium to our
 shareholders, the proposed transaction provides our shareholders with
 the opportunity to participate in the upside of both UNX's assets and
 HRT's exciting prospects in Namibia and Brazil."


"The Reports are a result of the efforts of UNX to define drilling
 opportunities and potential resources in the Orange Basin," said Mr.
 Knowledge Katti, Director and Namibian representative of UNX. "Through
 the proposed consolidation of assets with HRT, we are again reinforcing
 our strong commitment to all of our Namibian stakeholders to realize an
 independent energy future that will contribute to Namibia's great
 economic future."


Using an industry standard of 6:1 (thousand cubic feet per barrel of oil
 equivalent) for conversion of the D&M reported gas prospective
 resources to oil equivalent prospective resources, UNX has generated
 the following summary table for the results of the PEL 2815 and Block
 2813A prospective resource reports:


Table 1 - UNX Calculated Recoverable Prospective Resources Summary - PEL
 2815 and Block 2813A


 _____________________________________________________________________
|               |Gross Prospective Resources|Net Prospective Resources|
|_______________|___________________________|_________________________|
|   Description |Oil(1) |Gas(2)|    Oil     |Oil(3) |Gas(4)|   Oil    |
|               |(MMbbl)|(Bcf) |Equivalent  |(MMbbl)|(Bcf) |Equivalent|
|               |       |      |  (MMboe)   |       |      | (MMboe)  |
|_______________|_______|______|____________|_______|______|__________|
|P(g) Unadjusted|       |      |            |       |      |          |
|P90 (Low est.) | 2,555 |14,546|     4,979  | 1,433 |13,000|   3,599  |
|_______________|_______|______|____________|_______|______|__________|
|P(g) Unadjusted|       |      |            |       |      |          |
|P50 (Best est.)| 6,443 |32,458|    11,852  | 3,806 |28,874|   8,618  |
|_______________|_______|______|____________|_______|______|__________|
|P(g) Unadjusted|       |      |            |       |      |          |
|P10 (High est.)|16,074 |79,357|    29,300  | 9,989 |70,070|   21,667 |
|_______________|_______|______|____________|_______|______|__________|
|P(g) Unadjusted|       |      |            |       |      |          |
|Mean est.      | 8,322 |41,270|    15,200  | 5,046 |36,543|   11,136 |
|_______________|_______|______|____________|_______|______|__________|
|               |       |      |            |       |      |          |
|_______________|_______|______|____________|_______|______|__________|
|P(g) Adjusted  | 1,022 |6,654 |     2,131  |   684 |5,933 |   1,673  |
|_______________|_______|______|____________|_______|______|__________|




(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 1, the gross mean oil-equivalent prospective
 recoverable resources unadjusted for the probability of geological
 success ("P(g)") is 15.2 (net 11.1) billion barrels of oil equivalent ("BOE") and
 results in a P(g) adjusted gross mean prospective recoverable resources estimate of 2.1
 (net 1.7) billion BOE, translating into an average P(g)  of 15%.  Approximately 60% of the net P(g) adjusted prospective resources in Table 1 are attributable to
 prospective gas resources.


The prospective resources identified in the 2813 licence area are
 confined to the extension of the large Moosehead oil prospect which
 extends onto the northern portion of Block 2813A from Block 2713A, the
 latter block being in the PEL 2713 contract area. The partners
 constituting PEL 2813 continue to assemble data on the contract area,
 and expect to issue an independent resource update in the second half
 of 2011 for the entire contract area, which is comprised of the 2813A,
 2814B, and 2914A blocks. UNX has a 40% working interest in PEL 2813 
 with its existing partners 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% interest.   


Based on the recently released update to the PEL 2713 prospective
 resource report the 2815 prospective resource report and the 2813
 prospective resource report, UNX has calculated the Company's total oil
 equivalent prospective resources in the following table:


Table 2 - UNX Calculated Recoverable Prospective Resources Summary


 _____________________________________________________________________
|               |Gross Prospective Resources|Net Prospective Resources|
|_______________|___________________________|_________________________|
|   Description |Oil(1) |Gas(2) |    Oil    |Oil(3) |Gas(4)|   Oil    |
|               |(MMbbl)| (Bcf) |Equivalent |(MMbbl)|(Bcf) |Equivalent|
|               |       |       |  (MMboe)  |       |      | (MMboe)  |
|_______________|_______|_______|___________|_______|______|__________|
|P(g) Unadjusted|       |       |           |       |      |          |
|P90 (Low est.) | 5,133 |18,745 |    8,257  | 3,753 |16,780|   6,549  |
|_______________|_______|_______|___________|_______|______|__________|
|P(g) Unadjusted|       |       |           |       |      |          |
|P50 (Best est.)|12,977 |43,861 |   20,287  | 9,687 |39,137|   16,209 |
|_______________|_______|_______|___________|_______|______|__________|
|P(g) Unadjusted|       |       |           |       |      |          |
|P10 (High est.)|32,062 |106,235|   49,768  |24,379 |94,260|   40,089 |
|_______________|_______|_______|___________|_______|______|__________|
|P(g) Unadjusted|       |       |           |       |      |          |
|Mean est.      |16,508 |55,298 |   25,724  |12,413 |49,168|   20,608 |
|_______________|_______|_______|___________|_______|______|__________|
|               |       |       |           |       |      |          |
|_______________|_______|_______|___________|_______|______|__________|
|P(g) Adjusted  | 3,387 |11,438 |    5,293  | 2,812 |10,238|   4,519  |
|_______________|_______|_______|___________|_______|______|__________|




(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.


In summary with the addition of the two new prospective resource reports
 the overall P(g) unadjusted prospective resources to-date for the Company are 25.7 (20.6
 net) billion BOE and on a P(g) adjusted basis the gross mean prospective resources are 5.3 (4.5 net)
 billion BOE. 


Estimates of the prospective resources have been 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 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


DeGolyer and MacNaughton 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 DeGolyer and MacNaughton, please visit their website,
 at: www.demac.com


About HRT Participações S.A. 


HRT Participações holds one of the largest oil and gas exploration
 companies in Brazil. The HRT Group comprises three main subsidiaries:
 HRT O&G Exploraçao e Produçao  de Petróleo Ltda, Integrated Petroleum
 Expertise Company Serviços em Petróleo Ltda. ("IPEX"), and HRT
 Netherlands B.V. The Company retains a 55% interest in 21 exploratory
 blocks in the Solimões Basin in Brazil. HRT also operates five offshore
 exploratory blocks in Namibia. The Company retains a 100% interest in
 two of the Namibian blocks, in the Walvis Sub-basin, and a 40% interest
 in the other three in the Orange Sub-basin. HRT's team of 230
 professionals includes PhDs and Masters in geochemistry, geophysics,
 biology, and engineering, most of them former employees of Petrobras
 and ANP (Brazil's petroleum agency). HRT is committed to minimizing any
 possible environmental impacts in the sites where it acts. HRT is very
 committed with the local communities towards health conditions,
 security, and quality of life. For more information on HRT, please
 visit their website at: www.hrt.com.br/ir.  


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, prospective resource estimates, 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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