Unicorp Announces Participation in Multi-Well North Cayuga Prospect With Potential Gross Reserves of 1,000,000 Barrels of Oil and 4 Bcf of Gasadmin
Unicorp, Inc. announced that it has entered into an agreement to participate in the North Cayuga Prospect located in Henderson County, Texas. The Cayuga Prospect will be drilled to a depth of approximately 9000 feet to initially test the Rodessa Bacon Lime zone. This prospect has the potential for eight wells and potential gross reserves of 1,000,000 barrels of oil and 4 Bcf of gas. Unicorp will have a 21% working interest and an approximate 16% working interest after payout in this prospect.
The Cayuga Field is one of the big structural traps in the basin, and has produced over 61 million barrels of oil from the Woodbine. The Rodessa, Pettit, Travis Peak, Georgetown, Cotton Valley and Bossier sands are also productive zones for which this field is known.
“This is a very prolific field that has produced a very large amount of oil and gas,” stated Arthur Ley, COO of Unicorp. “Our prospect is on the north flank of the field and there are seven other locations to drill if this well is successful. We are currently at various drilling and completion stages on four wells on various prospects and are hopeful that they will come online during the first quarter of 2007.”
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 for the year ended December 31, 2005 and Form 10-QSB for the quarter ended September 30, 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., Houston Carl A. Chase, 713-402-6717
Source: Unicorp, Inc.