Message #41 From:
NewsBot Date: March 26, 2007 01:05:00 PM
UCPI News Unicorp Provides Update on Its South Creole Prospect
HOUSTON--(BUSINESS WIRE)--Unicorp, Inc. (OTCBB:UCPI) announced today that operations to complete its South Creole Prospect located in Cameron Parish, Louisiana have been initiated and expects that the well will be perforated within the next several days. The electric logs indicated approximately 35 feet of pay and the expectations are for this well to come online at approximately 3 Mmcfpd gross gas production. Expectations are for this prospect to double Unicorp’s existing revenue. The South Creole Prospect was drilled to a depth of approximately 11,300 feet targeting the Planulina A formation. Total reserves are estimated to be 2.5 Bcf of natural gas with associated condensate production. Unicorp has a 28.3% before payout working interest and approximately a 21% net revenue interest in the well.
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, 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.
