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Unicorp Announces Drilling Has Begun on Its North Laurel Ridge Prospect With Potential Reserves of 1,000,000 Barrels of Oil and 3 Bcf of Gas

Posted on: Thursday, 28 September 2006, 18:00 CDT

Unicorp, Inc. (OTCBB:UCPI) announced today that drilling has commenced on its North Laurel Ridge Prospect located in Iberville Parish, Louisiana. Unicorp has a 5% after casing point working interest and an approximate 4% net revenue interest in the well.

The North Laurel Ridge Prospect will be drilled to a depth of approximately 12,300 feet to test the Cibicides Hazzardi 1 thru 5 sands updip to the KCS Claiborne Plantation Well #1 which tested at 1,039 BOPD and 872 Mcfpd from the Cib.haz #4 sand. Total reserves are estimated to be 1,093,000 barrels of oil and 3.3 Bcf of gas.

"We are pleased that we are finally getting some of our prospects drilled during the second half of 2006," stated Arthur Ley, COO of Unicorp. "We believe that as we go into 2007 the rig market will loosen some which should allow us to be much more active in our drilling program."

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 June 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.

Source: Business Wire

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