• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Unicorp Announces Successful Drilling of the Initial Well on Its North Cayuga Prospect

Posted on: Monday, 16 April 2007, 18:00 CDT

Unicorp, Inc. (OTCBB:UCPI) announced today that the drilling of its initial well on its North Cayuga Prospect located in Henderson County, Texas has been successfully completed. The Easter Seals #1 was drilled to a total depth of approximately 9,000 feet and will initially test the Rodessa Bacon Lime zone. An electric log is scheduled to be run this week which will indicate which zones may be productive. This prospect has the potential for eight wells and potential gross reserves of 1,000,000 barrels of oil and 4 Bcf of gas. Unicorp has a 21% working interest and an approximate 16% working interest after payout in this prospect.

"Mud logs indicated several hydrocarbon shows during drilling operations and if successful this well will be a nice addition to our growing portfolio of productive properties," stated Kevan Casey, CEO of Unicorp. "We are hopeful to have this well completed and producing during this fiscal quarter."

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/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.

Source: Business Wire

More News in this Category