Unicorp to Spud Upper Tuscaloosa Well by Late-August
Unicorp, Inc. reported Wednesday that it has obtained a drilling rig to drill its Mississippi oil prospect, an approximately 6,800-foot well to test the Upper Tuscaloosa formation in Greene County, Miss. Unicorp, the designated operator of the project, will have a 60% working interest and an approximate 46.8% net revenue interest in the well.
The location has been staked and the application to drill has been filed with the Mississippi State Oil & Gas Board.
As previously reported, based upon cumulative production figures of similar wells offsetting this drilling location in the North Sand Hill Field and the Flat Branch Field, it is estimated that the Unicorp well could have 130,000 barrels of oil reserves--equating to $9,620,000 in gross production over the life of the well at today's prices of $74 per barrel. There is no guarantee that this well 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 46.8% of the gross production.
"We are pleased that we have identified a drilling rig to drill this prospect," stated Arthur Ley, COO of Unicorp. "We expect to begin drilling operations on this well within the next 40 days and, if successful, this prospect will provide a significant increase in 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, satellite technology, and 3D 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.
- Striker Signs Agreement with GEO to Evaluate Intl Offshore Concessions (Apr 29)
- Unicorp Announces 257% Growth In Proved Reserves (Feb 06)
- Unicorp Begins Operations at Pan American Fee Well in Louisiana (Sep 21)