Unicorp Announces 257% Growth In Proved Reserves
Unicorp, Inc. (OTCBB:UCPI) announced today its year-end 2007 reserves.
Total proved reserves, consisting of Proved Developed Producing (PDP); Proved Developed Behind Pipe (PDBP) and Proved Undeveloped (PUD) were 571 thousand barrels of oil equivalent (Mboe), an increase of 257% from the 159.8 Mboe reported as of December 31, 2006. The reserve report was compiled by Hite & Associates, a certified independent reserve evaluation firm headquartered in Houston, Texas.
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.
The primary factors in the growth of the proved reserves were the acquisition of the Welsh Field located in South Louisiana and the Catfish Prospect discovery well completed during the fourth quarter of 2007 and located in East Texas.
Management Comments
Mr. Bob Munn, President and CEO of Unicorp said; “I am extremely pleased with the Company’s progress in growing reserves during 2007. These reserves provide us with a solid base of production and cash flow as we continue to grow the company. We are excited about our 2008 development program which will commence with the drilling of our second Rodessa well in the Catfish Prospect during the first quarter of this year.”
About Unicorp
Unicorp, Inc. is an upstream U.S. oil and gas company headquartered in Houston, Texas and traded on the Over-the-Counter Bulletin Board (UCPI.OB). 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.
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 for the quarter ended September 30, 2007, and Annual Report on Form 10-KSB/A (First Amendment) for the year ended December 31, 2006. Unicorp undertakes no obligation to update any forward-looking statements 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.