Unicorp to Acquire South La. Field
Unicorp, Inc. has executed a binding letter of intent to acquire a producing field located in South Louisiana with potential gross production of 200 barrels of oil per day. This field has a total of 15 wells of which two are currently producing oil, two are saltwater injection wells and eleven are work-over opportunities. Subject to satisfactory due diligence, the transaction will close on or before May 15, 2007. Upon the completion of the transaction, Unicorp plans to immediately begin preparations to evaluate and rework the remaining eleven wells in this field. Unicorp will have a 100% working interest in this field.
"We are pleased that this opportunity has presented itself," stated Kevan Casey, CEO of Unicorp. "Two wells are currently producing a total of 45 barrels of oil per day and approximately $50,000 per month in cash flow. If successful on all of the workovers and recompletions, this field could provide monthly cash flow of approximately $250,000 with minimal capital expenditures."
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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