Total proved reserves for Unicorp, consisting of Proved Developed Producing (PDP); Proved Developed Behind Pipe (PDBP) and Proved Undeveloped (PUD) were 571 thousand barrels of oil equivalent (Mboe), an increase of 257% from the 159.8 Mboe reported as of December 31, 2006. The reserve report was compiled by Hite & Associates, a certified independent reserve evaluation firm headquartered in Houston, Texas.
The PV10 value (net present value discounted at 10%) of these reserves using commodity pricing at the close of business on the final trading day of 2007 as per Securities and Exchange Commission guidelines was in excess of $20.5 million, an increase of 454% over the PV10 value as of December 31, 2006.
The primary factors in the growth of the proved reserves were the acquisition of the Welsh Field located in South Louisiana and the Catfish Prospect discovery well completed during the fourth quarter of 2007 and located in East Texas.
Mr. Bob Munn, President and CEO of Unicorp said, "I am extremely pleased with the Company's progress in growing reserves during 2007. These reserves provide us with a solid base of production and cash flow as we continue to grow the company. We are excited about our 2008 development program which will commence with the drilling of our second Rodessa well in the Catfish Prospect during the first quarter of this year."
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