Unicorp Set to Acquire Powder River Basin Property
Unicorp, Inc. announced Thursday that it has executed the agreement to acquire two producing wells and approximately 2,500 acres in Campbell County, Wyoming. Subject to satisfactory due diligence, the transaction will close on or before February 26, 2007.
The property is located in the Powder River Basin of Wyoming and has two horizontal coal bed methane wells that are currently producing gas and generating revenue. Unicorp plans to immediately begin preparations to drill additional wells on this prospect. The estimated gross reserves are 4 Bcf of gas and Unicorp will have a 27.2% before payout and an approximate 23% after payout working interest in this prospect.
This prospect is located in Campbell County, Wyoming and is being developed through a farm-out from a major oil and gas company. Production in this field occurs in the Big George coal seam, which is a 60-foot seam at approximately 1,200 feet. The estimated gross reserves for this prospect of 4 Bcf would equate to more than $16,000,000 in revenue on a non-discounted basis at today's prices. The company intends to explore the use of coiled tubing technology to develop the prospect through horizontal drilling.
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