Unicorp Announces Drilling is Expected to Begin on Its Second Well on Its North Edna Prospect and Provides Updateadmin
Unicorp, Inc. announces that drilling is expected to begin during the month of May on its second well on its North Edna prospect, located in Jefferson Davis Parish, Louisiana, and provides an update. The initial well, the Lejuene No. 1, has been producing for over eight months and is currently producing in excess of 100 barrels of oil per day. Based upon geological mapping from data gathered from the Lejuene No. 1, Unicorp, with its partners, will drill a second well in the same fault block as the initial well and expects production to be similar to that of the initial well. Unicorp has a 40% before payout and a 30% after payout working interest in this prospect.
The North Laurel Ridge Prospect located in Iberville Parish, Louisiana was originally drilled to a total depth of approximately 12,200 feet and the log indicated 15 feet of oil pay in the Cibicides hazzardi sand however this well did not achieve expected results and this well has been deemed non-productive.
Unicorp previously announced a letter of intent was signed to acquire a 2,500 acre producing property located in the Powder River Basin of Wyoming however during the due diligence phase it was discovered that the seller could not deliver clear title to the 27% working interest as previously represented. This week the company signed a mutual release and termination agreement and received back its initial cash deposit and will no longer pursue this property.
Unicorp, Inc is primarily engaged in the acquisition, development, exploration and production of crude oil and natural gas. Its focus is on aggressively acquiring working interests in crude oil and natural gas properties with the intent of exploration and development or by enhancing production through the use of modern development techniques such as horizontal drilling, satellite technology and 3-D seismic. The company’s goal is to achieve a high return on its investment by limiting its up-front acquisition costs, by quickly developing its acquisitions and by practicing a sound and smart approach to oil and gas exploration and development.
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements, including the company’s ability to successfully acquire oil and gas properties and drill commercial wells. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about Unicorp’s future business and financial results, refer to Unicorp’s Annual Report on Form 10-KSB/A for the year ended December 31, 2006. Unicorp undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.
Unicorp, Inc. Carl A. Chase, 713-402-6717 Investors@unicorpinc.net
Source: Unicorp, Inc.