The initial well was drilled to a total depth of approximately 9,012 feet to initially test the Rodessa Bacon Lime zone. The electric log has identified up to four formations that could be productive. These are the Woodbine, Bacon Lime, Travis Peak and Duck Creek limestone formations. This prospect has the potential for seven additional wells and potential gross reserves of 1,000,000 barrels of oil and 4 Bcf of gas. If productive, the Woodbine formation could best be developed through the use of horizontal drilling. Unicorp has an approximate 21% before payout working interest and approximate 16% after payout working interest in this prospect.
We believe this to be a significant discovery for us," stated Carl A. Chase, CFO of Unicorp. "Completion operations to test the various sands indicated on the logs are scheduled to begin within the next couple of weeks."
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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