SOURCE: Unicorp, Inc.

January 27, 2006 18:00 ET

Unicorp to Begin Drilling Its North Edna, Louisiana Prospect With Potential Reserves of 1,300,000 Barrels of Oil

HOUSTON, TX -- (MARKET WIRE) -- January 27, 2006 --Unicorp, Inc. (OTC BB: UCPI) announced today that the operator of the prospect has secured a rig and expects to begin drilling operations within the next thirty days on its North Edna Prospect located in Jefferson Davis Parish, Louisiana.

Unicorp has a 40% before payout working interest, 35% after payout, in this prospect. The initial well will be drilled to a depth of 9,000 feet to test updip to the watered out Hawthorne Oil Sand. Three wells, which are down dip to the North Edna Prospect and drilled in 1967, produced 703,000 barrels of oil before watering out. In addition to the Hawthorne Oil Sand, there have been shows of oil in three additional sands. 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.

"This project has previously been delayed based upon rig availability but we are now excited that we have a rig secured and should begin drilling within the next thirty days," stated Kevan Casey, CEO of Unicorp. "If successful, this project matches our goals of producing cash flow and enhancing shareholder value."

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.

Contact Information