There is great news from Unicorp, Inc. (OTCBB: UCPI) for aggressive investors this morning! Monday after the stock markets closed, the company announced that the drilling of its initial well on its North Cayuga Prospect located in Henderson County, Texas has been successfully completed.
This is good. 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, that 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."
Investors should continue to monitor Unicorp very closely! The company has had a lot to say this month. Among the news, Market Advisors, Inc. had issued a price target of $1.05 on the company's shares. The report cites the recent 280% increase in 2006 revenues and the company's exploration and acquisition strategy as a main factor for their report. The full report is available at: http://www.unicorpinc.net/investor.aspx
In addition, Unicorp announced that it has executed a binding letter of intent to acquire a producing field located in South Louisiana with potential gross production of 200 barrels of oil per day. This field has a total of fifteen wells of which two are currently producing oil, two are saltwater injection wells and eleven are work-over opportunities. Subject to satisfactory due diligence, the transaction will close on or before May 15, 2007. Upon the completion of the transaction, Unicorp plans to immediately begin preparations to evaluate and rework the remaining eleven wells in this field. Unicorp will have a 100% working interest in this field.
"We are pleased that this opportunity has presented itself," stated Kevan Casey, CEO of Unicorp. "Two wells are currently producing a total of 45 barrels of oil per day and approximately $50,000 per month in cash flow. If successful on all of the work-overs and recompletions, this field could provide monthly cash flow of approximately $250,000 with minimal capital expenditures."
The company has previoulsy stated that its results of operations include revenue up over 280% for 2006 and the expectations that revenue for 2007 will be up over 300% versus 2006.
Before the news was released, UCPI stock closed Monday at thirty-nine cents a share.
For an updated and in-depth profile of Unicorp visit http://www.WallStreetENews.com/HotStocks/UCPI041607/default.aspx
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.
Other Stocks of interest yesterday were:
Chesapeake Energy Corporation (NYSE: CHK) down 0.1% on 6.6 million shares traded. Chesapeake Energy Corporation is the third largest independent producer of natural gas in the U.S. Headquartered in Oklahoma City, the company's operations are focused on exploratory and developmental drilling and corporate and property acquisitions in the Mid-Continent, Fort Worth Barnett Shale, Fayetteville Shale, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast, Ark-La-Tex and Appalachian Basin regions of the United States.
Baker Hughes Inc (NYSE: BHI) up 3.1% on 5.9 million shares traded. Baker Hughes is a leading provider of drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry.
Anadarko Petroleum Corporation (NYSE: APC) up 0.6% on 4.8 million shares traded. Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare.
The advertisement is provided by Wall Street Enews, a division of Stock Market Alerts LLC, an electronic broadcaster and publisher of this release, and hereafter referred to as "the company." The company received compensation for services performed for Unicorp, Inc. (OTCBB: UCPI). The compensation was eighty seven thousand and five hundred dollars in 2007 (eighteen thousand currently and sixty nine thousand and five hundred dollars previously) and one hundred and forty-nine thousand dollars in 2006, all from the company. Because the company received compensation for its services, there is an inherent conflict of interest in the company statements and opinions and such statements and opinions cannot be considered independent.
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