Unicorp möglicher 500%
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Monday November 20, 4:05 pm ET
HOUSTON--(BUSINESS WIRE)--Unicorp, Inc. (OTCBB:UCPI - News) announced today that its recent Mississippi discovery is producing at an average rate of 110 barrels of oil per day. The Lee Walley Estate Well #1 is located in Greene County, Mississippi. This increase in revenue is in addition to the recently announced 360% increase in revenue for the nine months ended September 30, 2006. Unicorp is the designated operator of the project and has a 60% working interest and an approximate 46.8% net revenue interest.
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"This well has met our expectations and we are happy that it is currently producing oil at this rate with no water," stated Arthur Ley, COO of Unicorp. "We believe this well can sustain production for many years and will be an excellent addition to our growing portfolio of producing wells."
Unicorp, Inc. (OTCBB:UCPI) announced today that it has entered into an agreement to participate in the North Cayuga Prospect located in Henderson County, Texas. The Cayuga Prospect will be drilled to a depth of approximately 9000 feet to initially test the Rodessa Bacon Lime zone. 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 will have a 21% working interest and an approximate 16% working interest after payout in this prospect.
The 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 sands are also productive zones for which this field is known.
"This is a very prolific field that has produced a very large amount of oil and gas," stated Arthur Ley, COO of Unicorp. "Our prospect is on the north flank of the field and there are seven other locations to drill if this well is successful. We are currently at various drilling and completion stages on four wells on various prospects and are hopeful that they will come online during the first quarter of 2007."
Unicorp, Inc. (OTCBB:UCPI) announced today that it has entered into a letter of intent to acquire 2,500 acres located in the Powder River Basin of Wyoming. This property currently has two horizontal coal bed methane wells that are already producing gas and generating revenue. Unicorp plans immediately to begin preparations to drill additional wells on this prospect. The estimated gross reserves are 4 Bcf of gas and Unicorp will have a 27.2% before payout working interest and an approximate 23% after payout working interest in this prospect.
This prospect is located in Campbell County, Wyoming and is being developed through a farm-out from a major oil and gas company. Production in this field occurs in the Big George coal seam which is a 60 foot seam at approximately 1,200 feet. The estimated gross reserves for this prospect of 4 Bcf would equate to more than $16,000,000 on a non-discounted basis at today's prices. The company intends to explore the use of coiled tubing technology to develop the prospect through horizontal drilling.
"This is an excellent opportunity for us to participate in an unconventional gas play with long lived reserves," stated Kevan Casey, CEO of Unicorp. "We will focus this year on building our reserve base while keeping our risk profile in line with our existing model."
The St. Martinville Prospect was drilled to a depth of approximately 13,000 feet to test the Marg Tex-3 sands. Based upon the recent log analysis, this well has been deemed as unproductive.