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."
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.
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