Snake Creek Reserves and Half-Year Update.

PARADISO, Switzerland -- Union Equitis Corp. (FWB:FPN) (the "Company") reports that the first well on its Snake Creek prospect located in Okmulgee County, Oklahoma has been successfully drilled, logged and evaluated. Estimated recoverable reserves total 0.713 BCFG (billion cubic feet of gas) proved and 1.017 BCFG probable.

The Company owns a 100% working interest in the Snake Creek prospect; the net revenue interest in the Company's leases ranges from 81.25% to 87.5%. Production primarily is from the Booch and Dutcher formations at drilling depths of less than 2,000 feet.

As of June 30, 2006, 3,993,775 shares of the Company's common stock were outstanding and the Company owned prospects covering 4,760 gross acres with 2,665 mineral acres net to the Company's interest under lease.

Areas with proven hydrocarbon potential located onshore within the European Union are under constant review and the Company has commenced filing permit applications for land tracts with relevant Government departments, further announcements in respect of which will be made in due course.

Through systematically expanding operations by proving new reserves while organizing drilling and production initiatives, the Company plans to continue building and increasing its proved reserves base implementing such developments within North America and Western Europe that represent growth opportunity for the Company and its shareholders over the immediate, near and long term.

Legal Notice Regarding Forward-Looking Statements:

Statements made that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. The Company intends that such forward-looking statements be subject to the safe harbors for such statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond the control of the Company that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.