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Unicorp Begins Drilling Operations on Its North Edna Prospect Located in Jefferson Davis Parish, Louisiana

Posted on: Monday, 13 March 2006, 09:00 CST

Unicorp, Inc. (OTCBB:UCPI) announced today that the operator of the prospect has begun drilling operations on its North Edna Prospect located in Jefferson Davis Parish, Louisiana.

Unicorp has a 40% before payout working interest and a 35% after payout working interest in this prospect. The Lejeune Well No. 1 will be drilled to a total depth of approximately 9,000 feet to test up dip to the watered out Hawthorne Oil Sand. A reservoir study indicates possible reserves of approximately 400,000 barrels of oil remain in the prospect. If successful, an eastern prospect will be drilled with reserve potential of approximately 900,000 barrels of oil.

"We are glad to finally get this prospect underway," stated Art Ley, Chief Operating Officer of Unicorp. "Drilling rig availability has delayed the start of this well. Our target formation, the Hawthorne Oil Sand, produced 703,000 barrels of oil in three wells which are down dip to our current well location and there were oil shows in three additional sands which we hope to penetrate while drilling this well."

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, 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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