posted
Hey guys keep an eye on this one. Been a good play in the past.
HOUSTON--(BUSINESS WIRE)--Unicorp, Inc. (OTCBB:UCPI - News) announced today that drilling has begun on its North Cayuga Prospect located in Henderson County, Texas. The initial well is being drilled to a depth of approximately 9000 feet to initially test the Rodessa Bacon Lime zone and should achieve total depth by tomorrow. 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.
ADVERTISEMENT Cayuga Field is one of the big structural traps in the basin, and has produced over 61 million barrels of oil from the Woodbine. The Rodessa, Pettit, Travis Peak, Georgetown, Cotton Valley and Bossier also are productive zones that this field is known for.
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.
bfthunter
posted
HOUSTON--(BUSINESS WIRE)--Unicorp, Inc. (OTCBB: UCPI - News) provides an update of current production and drilling of its Walley Prospect located in Greene County, Mississippi. The Walley Estate #1 has been producing an average of approximately 85 barrels of oil per day and has produced over $200,000 in gross oil revenue since first production in November 2006. Unicorp has a 60% working interest and a 47.55% net revenue interest in this prospect. This initial well was drilled to a depth of approximately 6,850 feet and is producing from the Tuscaloosa sand formation. An additional well location has been identified in order to fully develop this prospect.
ADVERTISEMENT "Typically, wells producing from the Tuscaloosa formation have long lives which will continue to add to our cash flow for years to come," stated Kevan Casey, CEO of Unicorp. "This well's production seems to have stabilized and we anticipate drilling the additional well location this year."
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 nine months ended September, 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.
posted