The company previously announced that its discovery at North Edna in Jefferson Davis Parish, La., would double its current revenue, and it anticipates additional revenue from its Veltin prospect in St. Landry Parish, La., and Walley Prospect in Greene County, Miss., during the current fiscal year. Unicorp is currently negotiating for a contract on a drilling rig so that it can have more control over drilling of the prospects it currently has and future drilling deals into which it will enter.
“We are very pleased that 2006 is shaping up to be a banner year where we will achieve profitability from operations for the first time in the company's history” stated Kevan Casey, CEO of Unicorp. "The number of prospects that we have in inventory to drill continues to grow so I remain very optimistic that 2007 will show the same type of revenue growth that we are achieving in 2006.”
Unicorp also said that the number of near-term projects with immediate cash flows has led to its decision to abandon its prospects in Kentucky. Instead, the company will continue to focus on the Texas/Louisiana Gulf Coast. It has already begun contacting potential buyers in an effort to sell its ownership. In the even that it cannot locate a buyer, the company will allow its leases to expire under their current terms without any recovery of capital spent.
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 3D seismic.
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