Unicorp to Drill Additional Wells at North Edna Prospect
Unicorp says that the Lejuene Well #1 in its North Edna Prospect located in Jefferson Davis Parish, Louisiana has been producing an average of approximately 112 barrels of oil per day since first production in August 2006. Unicorp has a 40% before payout and a 30% after payout working interest in this prospect. This initial well was drilled to a depth of approximately 9,000 feet. Unicorp now expects to begin drilling the additional wells on this prospect within the next four months.
"We are extremely pleased by this discovery and believe that the production has leveled out and will be sustainable for many years," stated Arthur Ley, COO of Unicorp. "This new production along with our current production will greatly increase our 2006 revenue versus 2005 and will improve our cash flow and 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.
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- Unicorp Announces 257% Growth In Proved Reserves (Feb 06)
- Unicorp Begins Operations at Pan American Fee Well in Louisiana (Sep 21)