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Unicorp to Begin Drilling Its Unconventional Shale Gas Prospect Located in Ohio County, Kentucky

Posted on: Tuesday, 4 October 2005, 18:00 CDT

Unicorp, Inc. (Pink Sheets:UCPI) announced today that it had obtained a commitment for a drilling rig to drill its initial test well on its Hartford Prospect located in Ohio County, Kentucky.

The company intends to begin drilling the T. C. Sanderfur Well No. 1 during October 2005 to test the New Albany Shale formation to a total depth of approximately 2,700 feet. In addition to the New Albany Shale, the company will test the Mississippian formation which had oil shows in a well down-dip to this current location. The company has staked the well location and has received an approved drilling permit from the State of Kentucky.

"We are pleased that we have been able to obtain a drilling contractor to drill this initial test well at such a time when rigs are difficult to retain and when gas has recently been in excess of $14.00 per Mcf," stated Kevan Casey, CEO of Unicorp. "Should this well be successful, we will begin a drilling program on this prospect which would provide us an excellent drilling opportunity for the next several years. The New Albany Shale matches our corporate objective of providing long-term cash flow from low cost, low risk and long lived reserves."

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 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, 2004 and Form 10-QSB for the quarter ended June 30, 2005. 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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