Message #31 From:
NewsBot Date: December 19, 2006 08:31:00 AM
UCPI News Unicorp Announces It Has Increased Its Working Interest Position in Its North Laurel Ridge Prospect from 5% to 12% and Provides Update on Its Melville Prospect
HOUSTON--(BUSINESS WIRE)--Unicorp, Inc. (OTCBB:UCPI) announced today that it has increased its
working interest position in its North Laurel Ridge Prospect located in
Iberville Parish, Louisiana from 5% to 12%. The recent log indicated 15
feet of oil pay in the Cibicides hazzardi sand and it is now anticipated
that the estimated reserves of 1,000,000 barrels will be substantially
less. Unicorp will not know the new expectations until it has completed
the well and begins producing. It is still anticipated that gross oil
production will be approximately 400 barrels of oil per day. Operations
to complete the well will begin within the next week. Unicorp now has a
12% working interest and an approximate 9% net revenue interest in the
well.
Unicorp participated in the Melville prospect located in St. Landry
Parish, Louisiana. This well was drilled to an approximate depth of
8,000 feet to test the Nodosaria oil sand. Based on the logging results
this well has been deemed non-productive. Unicorp has a 12.33% working
interest in this well.
“We now believe the reserves on the Laurel
Ridge Prospect to be less than anticipated however we believe that the
economics justify us increasing our position,”
stated Arthur Ley, COO of Unicorp. “We believe
that we will have the production facilities in place within the next
four weeks.”
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.
