Unicorp to Begin Drilling Lake Alaska Prospect
Unicorp has secured a rig and will begin drilling a 9,000 foot well to test the Oligocene Frio trend in Brazoria County, Texas. Unicorp will be the designated operator of the project and will pay 33% of the drilling costs to casing point to earn a 25% working interest in the well. Based upon offset wells, the initial test well is projected to contain potential reserves of between 5 and 6 Bcf of natural gas with further potential of 250,000 barrels of oil.
"We are excited to begin drilling this prospect which has the potential to significantly add to our current production," stated Arthur Ley, COO of Unicorp. "We will continue to focus on low risk opportunities in order to build long term 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, 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.
- 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)