News Detail

United Energy Group Plc. / Acquisition/Change of Personnel
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.

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London, UK - March 04th, 2008

Effective immediately, United Energy Group plc, the London based oil and gas exploration and production company, has acquired two privately held Texas based companies, Puma E&P LLC and Hydrocarbon Allocation and Measurement LLC, both based in Houston, Texas, for an undisclosed amount of shares and other bonuses.

With the acquisition of both companies, their former President, Mr. Richard Sharp, has accepted the position of the Executive Vice President of Worldwide Exploration and Development together with an appointment to the Board of Directors of United Energy Group plc.

Richard Sharp is a petroleum engineer with extensive experience in major developments worldwide, in on and off-shore and has worked for such leading companies as Shell, Eni and others. The Puma E&P exploration, development, and production, engineering teams will be transitioning to UEG as direct employees.

Richard will mainly be responsible for sourcing new ‘farm-in’ opportunities worldwide, where UEG will assume an interest in producing fields and field undergoing development in exchange for engineering and financial support proportionate to the working interest acquired. The company expects to see the first results of these endeavours shortly.

Holger Friedrich, Chairman of United Energy Group, comments: 'We are pleased to welcome Richard Sharp on board of the UEG team. Mr. Sharp is a highly qualified expert with an excellent reputation and world wide premium contacts into the oil and gas industry.'




About UEG United Energy Group plc is an independent exploration and production company focused on delivering competitive and sustainable results. UEG responsibly explores for, develops, and produces oil and gas resources as well as renewable energy resources to help meet the world’s energy needs as it provides opportunities for growth and enrichment to employees, business partners and the communities in which the Company operates.

Forward-Looking Statement This news release may contain certain forward-looking statements, including declarations regarding United Energy Group and its subsidiaries' expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to UEG management as of the date hereof, and actual results may vary based upon future events, both within and without the control of UEG management, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that acquisitions may have on the company and its capital structure, exploration results, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditure requirements, competition, governmental regulations and other factors.
United Energy Group plc 
45 Doughty Street
London WC1N 2LR
United Kingdom

Registered in England and Wales 
Registered number 05792859 

Web: www.unitedenergy.com
E-Mail: info@unitedenergy.com
04.03.2008  Financial News transmitted by DGAP

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