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Unicorp Announces It Has Started Producing Oil From Its North Edna Prospect

Posted on: Thursday, 17 August 2006, 18:00 CDT

Unicorp, Inc. (OTCBB:UCPI) announced today that it has started producing oil from its North Edna Prospect located in Jefferson Davis Parish, Louisiana. The Lejuene #1 was originally tested at 175 barrels of oil per day and is now expected to produce approximately 150 barrels of oil per day. Unicorp has a 40% before payout and a 30% after payout working interest in this prospect. This initial well was drilled to a depth of approximately 8,800 feet.

"This discovery is exciting because it will more than double our current revenue and we have three additional offset wells to be drilled in this field," stated Arthur Ley, COO of Unicorp. "We recently announced we have secured a drilling rig to further develop the prospects in which we are participating."

About Unicorp

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 March 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.

Source: Business Wire

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