The company considers the 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.

UnionTown believes that the property could accommodate up to 17 shallow horizontal oil well drill zones and may contain an estimated recoverable oil reserve of more than 2.4 million barrels.

To date, more than 300 million barrels of oil and 500 billion cubic feet of natural gas have been produced within a 50-mile radius of the New Miami.

Under the terms of the acquisition deal, UnionTown paid $300,000 cash and has committed to paying full development costs, leaving the leaseholder with a 25% net revenue interest in the property.