The agreement is expected to be completed by the middle of this month.
According to the company, the property is situated in a prolific oil and gas district, with more than 300 million barrels of oil and 500 billion cubic feet of gas produced to date within a 50-mile radius.
UnionTown considers this property to be a high-potential acquisition that could be brought to production quickly, at low cost and low risk.
Two previously drilled wells have already determined that the property sits atop a shallow oil accumulation, the company said.
The property, which contains approximately 2.4 million recoverable barrels of oil, is believed to have the potential to accommodate 17 shallow horizontal oil well locations.
UnionTown is focused on the acquisition, exploration, development and production of oil and natural gas properties.
