Unicorp to Begin Drilling Its North Edna, Louisiana Prospect
Unicorp, Inc. reports that the operator of the prospect has secured a rig and expects to begin drilling operations within the next thirty days on its North Edna Prospect located in Jefferson Davis Parish, Louisiana.
Unicorp has a 40% before payout working interest, 35% after payout, in this prospect. The initial well will be drilled to a depth of 9,000 feet to test updip to the watered out Hawthorne Oil Sand. Three wells which are down dip to the North Edna Prospect and drilled in 1967 produced 703,000 barrels of oil before watering out. In addition to the Hawthorne Oil Sand, there have been shows of oil in three additional sands. A reservoir study indicates possible reserves of approximately 400,000 barrels of oil remain in the prospect. If successful, an eastern prospect will be drilled with reserve potential of approximately 900,000 barrels of oil.
"This project has previously been delayed based upon rig availability but we are now excited that we have a rig secured and should begin drilling within the next thirty days," stated Kevan Casey, CEO of Unicorp. "If successful, this project matches our goals of producing cash flow and enhancing shareholder value."
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 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
- Striker Signs Agreement with GEO to Evaluate Intl Offshore Concessions (Apr 29)
- Unicorp Announces 257% Growth In Proved Reserves (Feb 06)
- Unicorp Begins Operations at Pan American Fee Well in Louisiana (Sep 21)