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Unicorp Announces It Will Begin Drilling Its Lake Alaska Prospect With Potential 5 Bcf of Gas and 250,000 Barrels of Oil Within 30 Days

Posted on: Wednesday, 4 October 2006, 18:00 CDT

Unicorp, Inc. (OTCBB:UCPI) announced today that it has secured a rig and will begin drilling a 9,000 foot well to test the Oligocene Frio trend in Brazoria County, Texas. Unicorp will be the designated operator of the project and will pay 33% of the drilling costs to casing point to earn a 25% working interest in the well. Based upon offset wells, the initial test well is projected to contain potential reserves of between 5 and 6 Bcf of natural gas with further potential of 250,000 barrels of oil.

"We are excited to begin drilling this prospect which has the potential to significantly add to our current production," stated Arthur Ley, COO of Unicorp. "We will continue to focus on low risk opportunities in order to build long term shareholder value."

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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