UPDATE: Underground Energy Rallies; Announces Completion of Farm-out Agreement With AmRich Energy
Underground Energy Corporation (UGE.V), which is trading near year lows, announced a definitive farm-out agreement with AmRich Energy, Inc., details of which were previously announced when the letter of intent was executed on November 8, 2012. Under the terms of the Farm-out Agreement, AmRich will farm-in on and have the right to earn up to a 75% working interest in Underground's and its joint operating partners' interest in 1,063 gross acres of the Central Southern section of the Zaca Field Extension Project in Santa Barbara County, California.
UGE rallied 100% to 3 cents, with volumes of over 2.8 million.
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