Unicorp preps for drilling operations in Mississippi
Thursday, August 31st 2006
Unicorp Inc. has begun operations in preparation for the drilling of a prospect located in Greene County, Miss.
Drilling is expected to start within the next two weeks, and the well will be drilled to a depth of around 6,800 feet to test the Upper Tuscaloosa formation. Unicorp will be the designated operator of the project and has about a 60 percent working interest and a 46.8 percent net revenue interest.
The Lee Walley Well No. 1 was drilled and plugged and abandoned in 1983. The Unicorp well will be located about 75 feet from the Lee Walley Well No. 1. Based upon cumulative production figures of similar wells in the North Sand Hill Field and the Flat Branch Field, Unicorp estimates that its well could have 130,000 barrels of oil reserves, which equates to $9.1 million in gross production at the current price of $70 per barrel.
Based in Houston, Unicorp (OTCBB: UCPI) acquires, develops, explores and produces crude oil and natural gas.