Based upon the mapping of the 3-D seismic data by Unicorp's contract geophysicist, it is estimated that this prospect could have potential reserves of between 10 and 15 BCF which equates to between $50,000,000 and $75,000,000 in gross revenue, net of land owner royalties, at today's prices of $7.00 per Mcf. 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 approximately 50% of the gross production.
"Utilizing the approximate 60 square miles of 3-D seismic data we acquired with the purchase of the Abbeville Field in 2005, we have identified this initial target to drill," stated Arthur Ley, COO of Unicorp. "This is the first of several prospects we hope to identify with the acquired 3-D seismic and satellite technology that we have ordered over the area."
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.
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