Unicorp Announces Successful Test of the Initial Well on Its North Cayuga Prospect
Unicorp, Inc. (OTCBB:UCPI) announced today that the Easter Seals Well No. 1-R located in Henderson County, Texas has successfully tested oil and gas from the Rodessa Bacon Lime formation at approximately 7,600 feet in depth. The well was drilled to a total depth of approximately 9,000 feet to test the Woodbine, Rodessa Bacon Lime, Travis Peak and Duck Creek Limestone formations. Production facilities will be installed and the well should be turned to production within the next three weeks. Unicorp has an approximate 21% before payout and 16% after payout working interest in this well. Additional geologic and engineering analysis will be performed to determine additional offset potential.
“We are pleased that the Easter Seals No. 1-R well has successfully tested oil and gas from the Rodessa Bacon Lime formation and we anticipate gross production of between 40 and 50 barrels of oil per day once the production facilities are installed,” stated Bob Munn, CEO of Unicorp. “This prospect is comprised of approximately 450 gross acres and we are hopeful that additional well locations can be identified on this prospect.”
About Unicorp
Unicorp, Inc. is primarily engaged in the acquisition, development, exploration and production of crude oil and natural gas. The Company acquires working interests in producing properties with developmental potential and properties that offer relatively low risk exploration potential for both crude oil and natural gas. Unicorp operates onshore along the Gulf Coast of Texas and Louisiana as well as East Texas and Mississippi. The Company strives to enhance asset value through application of current production technology while keeping costs low. The Company’s goal is to achieve a high return on its investment and grow shareholder value.
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 Quarterly Report on Form 10-QSB (First Amendment) and Annual Report on Form 10-KSB/A 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.