Unicorp Acquires Stake in South Texas Oilfield

Unicorp has acquired a working interest in a South Texas oilfield located in LaSalle County, Texas. This property has in excess of four million barrels of unrecovered oil. This field will be a test site beginning in November that will utilize a proprietary enhanced oil recovery technology that, if successful, will allow the extraction of additional reserves. Unicorp is also in negotiations to acquire the entire US license for this technology. This will be contingent on a successful test in the South Texas oilfield.

This field was discovered in 1955 and to date has produced in excess of 1.7 million barrels of oil. It contains a total of 58 production wells, of which 25 wells are currently producing at a marginal rate, and 8 water injection wells. The total acreage of the lease is 4,000 acres with numerous untouched drilling locations available should the technology prove successful.

Kevan Casey, CEO of Unicorp, stated, "We are pleased to announce our first acquisition of a working interest in this South Texas oilfield. During the last several months we have refocused Unicorp from being a non-operating company to a company that is focused on delivering shareholder value through the acquisition of oil and gas properties. We are very excited about our future prospects."