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Unicorp Successfully Drills Its Initial Test Well to Total Depth on Its Ohio County, Kentucky Prospect

Posted on: Tuesday, 24 January 2006, 09:00 CST

Unicorp, Inc. (OTCBB:UCPI) announced today that it has successfully drilled to total depth, set production casing and perforated its Ohio County, Kentucky test well.

The well was drilled to a total depth of approximately 2,800 feet and incurred approximately 200 feet of New Albany Shale, the target formation. The company is currently obtaining proposals from Halliburton and BJ Services for the design of a fracture stimulation treatment to be performed within the next sixty days.

"We are pleased that we obtained a rig and drilled this initial well with no problems," stated Kevan Casey, CEO of Unicorp. "Should this well be productive in commercial quantities, we will exercise our option to obtain a 100% working interest in approximately 7,600 acres in this prospect."

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 September 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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