UNX Energy Announces $30,030,000 Bought Deal Financing

NOT FOR DISTRIBUTION IN THE U.S.

UNX Energy Corp. (TSX VENTURE:UNX) ("UNX" or the "Company"), a junior oil and
gas company with interests offshore Namibia, is pleased to announce that it has
entered into an agreement with Macquarie Capital Markets Canada Ltd.
("Macquarie"), on behalf of a syndicate of underwriters led by Macquarie that
includes Cormark Securities Inc., Clarus Securities Inc., FirstEnergy Capital
Corp., Raymond James Ltd. and Octagon Capital Corp. (collectively the
"Underwriters") pursuant to which the Underwriters have agreed to purchase for
resale to the public, on a bought deal basis, 9,100,000 common shares of the
Company ("Common Shares") (the "Offered Shares") at CAD$3.30 per Common Share
(the "Issue Price") for gross proceeds of CAD$30,030,000 (the "Offering"). The
Company has also granted to the Underwriters an over-allotment option entitling
the Underwriters to acquire, at the Issue Price, up to an additional 1,365,000
Common Shares or such lesser number of Common Shres equal to the over-allocation
position determined at the closing of the Offering. The over-allotment option is
exercisable by the Underwriters, in whole or in part, at any time for 30 days
following closing of the Offering.


The Offering is subject to certain conditions and normal regulatory approvals
(including the approval of the TSX Venture Exchange). The Common Shares will be
offered in each of the provinces of Canada, other than Quebec, by way of a short
form prospectus and on a private placement basis elsewhere. Closing is
anticipated to occur on or about November 9, 2010. 


The net proceeds of the Offering will be used to fund UNX's ongoing exploration
activities in Namibia, Africa, including recently expanded 3D seismic campaigns
in the Orange Basin and other exploration initiatives, in addition to general
corporate purposes.


"In addition to our existing capital, this financing brings our total Namibian
focused investments to more than 400 Million Namibian dollars," said Mr. Gabriel
Ollivier, President and CEO of UNX. "Along with our Namibian partners, we are
encouraged by the continued support of the global capital markets, as
demonstrated by this financing, in our efforts towards hydrocarbon development
in Namibia."


The Common Shares are listed and posted for trading on the TSX Venture Exchange.

This news release shall not constitute an offer to sell or the solicitation of
an offer to buy securities in the United States or any other jurisdiction
outside of Canada, nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful. The
Offered Shares offered have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the "1933 Act"), or any state
securities laws and may not be offered or sold within the United States or to
U.S. Persons unless registered under the 1933 Act and applicable state
securities laws or pursuant to an applicable exemption from the registration
requirements of the 1933 Act and applicable state securities laws.


About UNX Energy Corp.

UNX Energy Corp. is an emerging, independent exploration and development
company, focused on exploration for oil in offshore Namibia, Africa.
Headquartered in Calgary, Alberta, Canada, UNX's asset base consists of
approximately 52,000 km(2) of offshore acreage, strategically located along the
prolific South Atlantic Margin. These highly prospective blocks are being
advanced by an experienced management team and highly qualified technical staff
with strong in-country relationships. UNX has benefited from the use of
strategic technical expertise and partnerships in optimizing the probabilities
of exploration success in the region. UNX is committed to conducting its
business in a socially and environmentally responsible manner, working towards
the common 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.universalpowercorp.com.

Sedar Profile No. 00016276

Forward Looking Information

Certain statements contained in this press release may constitute forward
looking statements. These statements relate to future events or the Company's
future performance. All statements other than statements of historical fact may
be forward looking statements. Statements relating to "reserves" or "resources"
are deemed to be forward looking statements, as they involve the implied
assessment, based on certain estimates and assumptions that the reserves and
resources described can be profitably produced in the future. Forward looking
statements are often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will",
"project", "predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward looking
statements. The Company believes that the expectations reflected in those
forward looking statements are reasonable but no assurance can be given that
these expectations will prove to be correct and such forward looking statements
included in this press release should not be unduly relied upon by investors. 


These statements speak only as of the date of this press release and are
expressly qualified, in their entirety, by this cautionary statement. 


Any statements regarding the following are forward looking statements: (i)
planned exploration activity including both expected drilling and geological and
geophysical related activities; (ii) capital expenditure programs; (iii)
projections of market prices and costs; (iv) possible commerciality; (v)
available and potential farm out partners; (vi) future drilling of new wells;
(vii) impact of increasing competition; (viii) supply and demand for oil and
natural gas; (ix) ultimate recoverability of current and long term assets; (x)
expectations regarding the Company's ability to raise capital and to continually
add to reserves through acquisitions and development; (xi) future foreign
currency exchange rates; (xii) future market interest rates; (xiii) the
Company's ability to obtain additional financing on satisfactory terms; (xiv)
future production levels; (xv) future capital expenditures and their allocation
between blocks; (xvi) future earnings; (xvii) future asset acquisitions and
dispositions; (xviii) future debt levels; (xix) future sources of liquidity,
cash flows and their uses; (xx) estimates on per share basis; (xxi) the Canadian
legislative and regulatory environment; (xxii) government or other regulatory
consent for exploration, development or acquisition activities; (xxiii)
treatment under governmental regulatory and taxation regimes; (xxiv) future
expenditures and future allowances relating to environmental matters; (xxv) the
use of proceeds from the Offering; (xxvi) completion of the Offering and timing
thereof; and (xxvii) changes in any of the foregoing.


With respect to forward looking statements contained in this press release, the
Company has made assumptions regarding, among other things: (i) planned
exploration activity including both expected drilling and geological and
geophysical related activities; (ii) capital expenditure programs; (iii)
possible commerciality; (iv) available and potential farm out partners; (v)
future drilling of new wells; (vi) impact of increasing competition; (vii)
supply and demand for oil and natural gas; (viii) ultimate recoverability of
current and long term assets; (ix) expectations regarding the Company's ability
to raise capital and to continually add to reserves through acquisitions and
development; (x) future foreign currency exchange rates; (xi) future market
interest rates; (xii) the Company's ability to obtain additional financing on
satisfactory terms; (xiii) future capital expenditures and their allocation
between blocks; (xiv) future asset acquisitions and dispositions; (xv) future
sources of liquidity, cash flows and their uses; (xvi) estimates on per share
basis; (xvii) the Canadian legislative and regulatory environment; (xviii)
government or other regulatory consent for exploration, development or
acquisition activities; (xix) treatment under governmental regulatory and
taxation regimes; (xx) future expenditures and future allowances relating to
environmental matters; (xxi) the use of proceeds from the Offering; (xxii)
completion of the Offering and timing thereof; and (xxii) changes in any of the
foregoing.


The Company's actual results could differ materially from those anticipated in
these forward looking statements as a result of risk factors set forth below and
elsewhere in this press release: (i) volatility in the market prices for oil and
natural gas; (ii) uncertainties associated with estimating reserves; (iii)
ability to explore, develop, produce and transport crude oil and natural gas to
markets; (iv) geological, technical, drilling and processing problems; (v) the
results of exploration and development drilling and related activities; (vi)
liabilities and risks, including environmental liabilities and risks, inherent
in oil and natural gas operations; (vii) volatility in energy trading markets;
(viii) foreign currency exchange rates; (ix) economic conditions in the
countries and regions in which the Company carries on business; (x) competition
for, among other things, capital, acquisitions of reserves, undeveloped lands
and skilled personnel; (xi) governmental actions including changes to taxes or
royalties, changes in environmental and other laws and regulations; (xii)
renegotiations of contracts; (xiii) results of litigation, arbitration or
regulatory proceedings; (xiii) political uncertainty, including actions by
terrorists, insurgent or other groups, or other armed conflict; (xiv) corruption
or other illegal activities in the country in which the Company carries on
business; (xv) conflict between states; and (xvi) other factors referred to
under "Risk Factors" in the Company's Annual Information Form.


Readers are cautioned that the foregoing list of risk factors is not exhaustive.
The forward looking statements contained in this press release are expressly
qualified by this cautionary statement. The Company is not under any duty to
update any of the forward looking statements after the date of this press
release or to conform such statements to actual results or to changes in the
Company's expectations and the Company disclaims any intent or obligation to
update publicly any forward looking statements, whether as a result of new
information, future events or results or otherwise, other than as required by
applicable securities laws.