Message #35 From:
NewsBot Date: January 23, 2007 01:05:00 PM
UCPI News Unicorp Announces It Has Again Increased Its Working Interest Position in Its North Laurel Ridge Prospect from 12% to 21%
HOUSTON--(BUSINESS WIRE)--Unicorp, Inc. (OTCBB:UCPI) announced today that it has again increased
its working interest position in its North Laurel Ridge Prospect located
in Iberville Parish, Louisiana from 12% to 21%. The log indicated 15
feet of oil pay in the Cibicides hazzardi sand and the estimated
reserves are unknown. 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 are now expected to begin within
two weeks. Unicorp now has a 21% working interest and an approximate 16%
net revenue interest in the well.
“We believe the cost forward economics make
sense for us to again increase our position,”
stated Arthur Ley, COO of Unicorp. “There is
slightly more risk in this well due to the fact that we do not have
porosity logs across the zone of interest.”
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.
