Unicorp Begins Drilling Operations on Potential 900,000-Barrel Prospect

Unicorp has begun drilling operations on its North Edna Prospect, which is located in Jefferson Davis Parish, Louisiana.

The independent has a 40-percent before payout working interest and a 35-percent after payout working interest in this prospect. The Lejeune Well No. 1 will be drilled to a total depth of approximately 9,000 feet to test up dip to the watered out Hawthorne Oil Sand. A reservoir study indicates possible reserves of approximately 400,000 barrels of oil remain in the prospect. If successful, the company states that an eastern prospect will be drilled with reserve potential of approximately 900,000 barrels of oil.

"We are glad to finally get this prospect underway," stated Art Ley, Chief Operating Officer of Unicorp. "Drilling rig availability has delayed the start of this well. Our target formation, the Hawthorne Oil Sand, produced 703,000 barrels of oil in three wells which are down dip to our current well location and there were oil shows in three additional sands which we hope to penetrate while drilling this well."