The property is an approximately 7,000-acre site that straddles the Heath and Amsden shale formations.
UnionTown signed a definitive agreement to acquire the property, which is believed to have estimated potential oil reserves of 10.4 million barrels.
The company believes the western half of the property, which covers the Heath formation, has the potential to support 16 horizontal drill sites with 2,000ft horizontal legs.
According to the company, seismic data on the eastern half of the property, which covers the Amsden formation, also shows exploration potential.
Following the closing of this acquisition, the company will begin operations to perforate the existing well to test for production.
