Underground Energy announces grant of options

    




 SANTA BARBARA, CA, May 2, 2012 /CNW/ - Underground Energy Corp.  ("Underground", "UGE" or the "Corporation")   announced today the grant of 2.4 million stock options to officers and  employees of the Corporation.  The majority of the stock options  granted were issued in lieu of certain cash bonuses payable to officers  and employees under the Corporation's cash bonus program.  Each stock  option entitles the holder thereof to acquire one common share of the  Corporation at an exercise price of US$0.284 per share. The stock  options vest immediately and expire 3 years from the date of grant, all  in accordance with the Corporation's option plan. 

 About Underground Energy Corporation 

 Underground Energy 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 Company's  latest corporate presentation, please visit www.ugenergy.com. Underground's regulatory filings are available under the Company's  profile at www.sedar.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. 

Underground Energy Corporation


CONTACT:  Peter BallacheyChief Financial OfficerUnderground Energy CorporationTel: 805-845-4700 x 17Simon ClarkeVice President, Corporate DevelopmentUnderground Energy CorporationTel: 604-551-9665 


    

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