Unicorp: Initial North Cayuga Well a Success
Unicorp, Inc. on Monday said that the drilling of its initial well on its North Cayuga Prospect in Henderson County, Texas, has been successfully completed.
The Easter Seals #1 was drilled to a total depth of approximately 9,000 feet and will initially test the Rodessa Bacon Lime zone. An electric log is scheduled to be run this week which will indicate which zones may be productive. This prospect has the potential for eight wells and potential gross reserves of 1,000,000 barrels of oil and 4 Bcf of gas. Unicorp has a 21% working interest and an approximate 16% working interest after payout in this prospect.
"Mud logs indicated several hydrocarbon shows during drilling operations and if successful this well will be a nice addition to our growing portfolio of productive properties," stated Kevan Casey, CEO of Unicorp. "We are hopeful to have this well completed and producing during this fiscal quarter."
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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