Unicorp Reports Spudding of North Edna Well

Unicorp, Inc. on Wednesday said that drilling operations have begun on its second well on its North Edna prospect located in Jefferson Davis Parish, La.

The initial well, the Lejuene No. 1, has been producing for ten months and has averaged over 100 barrels of oil per day. Based upon geological mapping from data gathered from the Lejuene No. 1, Unicorp, with its partners, are drilling a second well in the same fault block as the initial well with projected reserves of 110,000 BOE.

The Seward Lejuene No. 1 will be drilled to a depth of approximately 9,000 feet to test the 8600 foot sand and the Hawthorn sand found in the initial well. The North Edna Field has produced over 10 Bcf of gas and 700,000 barrels of oil. Unicorp has a 40% before payout and a 30% after payout working interest in this well.

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.