The well has been drilled and logged with the log indicating 15 feet of oil pay in the Cibicides hazzardi sand and the estimated reserves are unknown. Unicorp will not know the new expectations until it has completed the well and begins producing. It is still anticipated that gross oil production will be approximately 400 barrels of oil per day. Unicorp has a 21% working interest and an approximate 16% net revenue interest in the well.
"We are optimistic that based upon the well logs, we will have a productive well," stated Kevan Casey, CEO of Unicorp. "Should this well and our South Creole well be productive, we will have an excellent start towards adding significant reserves and increasing shareholder value, which are our number one goals for fiscal 2007."
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.
Most Popular Articles
From the Career Center
Jobs that may interest you