UCPI News Unicorp Announces Its Recent Mississippi Discovery is Producing at 110 BOPD and Will Increase Its Current Revenue by 60%
HOUSTON--(BUSINESS WIRE)--Unicorp, Inc. (OTCBB:UCPI) announced today that its recent Mississippi
discovery is producing at an average rate of 110 barrels of oil per day.
The Lee Walley Estate Well #1 is located in Greene County, Mississippi.
This increase in revenue is in addition to the recently announced 360%
increase in revenue for the nine months ended September 30, 2006.
Unicorp is the designated operator of the project and has a 60% working
interest and an approximate 46.8% net revenue interest.
“This well has met our expectations and we are
happy that it is currently producing oil at this rate with no water,”
stated Arthur Ley, COO of Unicorp. “We believe
this well can sustain production for many years and will be an excellent
addition to our growing portfolio of producing wells.”
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. Due to the limited production history, there can be no
assurance that this well will continue to produce oil at its current
production rate. 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.
