Underground Energy Corporation is a holding company. The Company has one asset, which is an option to acquire the common shares of Underground Energy, Inc., which is a wholly owned subsidiary of the Company. Underground Energy, Inc. is engaged in developing Zaca Field Extension Project in Santa Barbara County, California. Underground Energy, Inc. holds around 25% net working interest in four producing wells in the Zaca Field Extension Project and around 25% interest in the next two wells to be drilled by the farmee under the terms of the farmout agreements at Zaca.
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