Operations to complete the well will begin within the next several weeks and when brought online will double Unicorp's existing revenue. The South Creole Prospect was drilled to a depth of approximately 11,300 feet to test the Planulina A formation. Total reserves are estimated to be 2.5 Bcf of natural gas with associated condensate production. Unicorp has a 28.3% working interest and approximately a 21% net revenue interest in the well.
"This is a good find for our company and will significantly enhance our revenue," stated Kevan Casey, CEO of Unicorp. "We hope to have this well completed and producing during our next fiscal quarter."
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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