Having recently announced a 257% growth in proved reserves, Unicorp Inc. (OTCBB: UCPI) should have investors monitoring the stock closely. Yesterday after the markets closed, the company, an upstream U.S. oil and gas company, issued a press release announcing that it plans to recomplete its initial well in the Georgetown formation on its North Cayuga prospect located in Henderson County, Texas.
This is great news for UCPI! The recompletion will be comprised of perforations in numerous lobes of the Georgetown formation between the depths of 6,000 to 5,600 feet and is scheduled to commence within the next two weeks. The Georgetown formation has been known to be productive in this area. The Easter Seals Well No. 1-R was originally drilled to a total depth of approximately 9,000 feet to initially test the Rodessa formation. The Rodessa formation was found to be productive but uneconomical to produce. Unicorp has a 21% before payout working interest and an approximate 16% after payout working interest in this prospect.
Investors looking to benefit from the energy sector are going to watch this one closely! In other recent news, the company recently announced a 257% growth in proved reserves. The PV10 value (net present value discounted at 10%) of these reserves using commodity pricing at the close of business on the final trading day of 2007 as per Securities and Exchange Commission guidelines was in excess of $20.5 million, an increase of 454% over the PV10 value as of December 31, 2006.
UCPI closed Monday at Nine cents a share.
For Stock Market Alerts' in-depth profile of Unicorp, visit http://www.wallstreetenews.com/HotStocks/UCPI031708/default.aspx
In case you are not familiar with the company: Unicorp, Inc. is an upstream U.S. oil and gas company headquartered in Houston, Texas. The company is engaged in the search for and sale of oil and gas reserves through both exploratory drilling and the acquisition of producing properties. Unicorp's objective is to cost efficiently develop these properties and market the oil and gas production at the wellhead. Unicorp is strategically focused along the Texas Gulf Coast, East Texas and South Louisiana in areas of developed infrastructure and established markets.
Other Stocks of interest yesterday were:
Marathon Oil Corporation (NYSE: MRO) down 7.8% on 11.1 million shares traded. Marathon is an integrated international energy company engaged in exploration and production; oil sands mining; integrated gas; and refining, marketing and transportation operations.
Johnson & Johnson (NYSE: JNJ) up 2.2% on 22 million shares traded. Johnson & Johnson is the world's most comprehensive and broadly based manufacturer of health care products, as well as a provider of related services, for the consumer, pharmaceutical, and medical devices and diagnostics markets.
Baxter International Inc. (NYSE: BAX) down 1.5% on 3.7 million shares traded. Baxter International Inc., through its subsidiaries, assists healthcare professionals and their patients with the treatment of complex medical conditions, including hemophilia, immune disorders, cancer, infectious diseases, kidney disease, trauma and other conditions. The company applies its expertise in medical devices, pharmaceuticals and biotechnology to make a meaningful difference in patients' lives.
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