SOURCE: Unicorp, Inc.

May 01, 2007 08:55 ET

Unicorp Announces It Has Elected to Participate in the Catfish Prospect With Potential Gross Reserves of 2,500,000 Barrels of Oil

HOUSTON, TX -- (MARKET WIRE) -- May 1, 2007 -- Unicorp, Inc. (OTCBB: UCPI) announced today that it has elected to participate in the Catfish Prospect with potential gross reserves of 2,500,000 barrels of oil. This prospect is located in East Texas and has in excess of 8,000 gross acres and the potential for 20 to 40 wells with estimated reserves of 125,000 barrels of oil equivalent (BOE) per well. The initial well will be a re-completion and is expected to begin during the month of June 2007. This prospect is for the shallow drilling rights which include depths up to 10,600 feet. Unicorp will have an approximate 21% working interest before payout (16% after payout) in the initial two wells and an approximate 16% working interest in all subsequent wells in this prospect.

Based upon cumulative production figures of similar wells in this area, it is estimated that these wells could have 125,000 BOE of reserves which equates to $165,000,000 in gross production at today's prices of $66 per barrel and assuming twenty wells are drilled and successful. There is no guarantee that these wells will be successful or that these numbers will be achieved due to production and/or price fluctuations. Unicorp's net revenue interest would equate to approximately 12% of the gross production.

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 (First Amendment) for the year ended December 31, 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.

Contact Information

  • For more information contact:
    Carl A. Chase
    Phone: (713) 402-6717, or
    Email Contact