Unicorp, Inc. (OTCBB: UCPI) continues to woo investors with a multitude of great press release. Thursday after the stock markets closed, the company, engaged in the acquisition, development, exploration and production of crude oil and natural gas, issued a press release announcing that drilling is expected to begin during the next four to-six weeks on its Clemens Dome prospect located in Brazoria County, Texas. The Company has increased its after casing point working interest to 25% from 15%. The company's before casing point interest has increased to 29.412%.
Total gross reserve potential for the prospect is up to 30 to 40 Bcf based upon which zones may be productive!
This is not the only good news from the company. Earlier this week the company announced that it has increased its working interest position in its Catfish Prospect with potential gross reserves of 2,500,000 barrels of oil.
Last week the company announced that drilling operations have begun on its second well on its North Edna prospect located in Jefferson Davis Parish, Louisiana. The initial well, the Lejuene No. 1, has been producing for ten months and has averaged over 100 barrels of oil per day. 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.
In another recent press release, the company announced that The South Creole Prospect located in Cameron Parish, Louisiana is now online and currently producing at a rate of approximately 2.8 Mmcf per day of gross gas production and 58 barrels of condensate. According to the press release, at this rate, this well will double Unicorp's existing monthly revenue to over $250,000 and brings the company to profitability, excluding non-cash charges.
The company previously announced that it expects to triple its gross profit in fiscal 2007!
Before the latest news was released, UCPI stock closed Thursday at around thirty-three cents a share.
For an updated and in-depth profile of Unicorp visit http://www.WallStreetENews.com/HotStocks/UCPI061407/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:
Marathon Oil Corporation (NYSE: MRO) up 2.3% on 3.1 million shares traded. Marathon is one of the largest U.S.-based fully integrated international energy company engaged in exploration and production; integrated gas; and refining, marketing and transportation operations.
Baker Hughes Incorporated (NYSE: BHI) up 2.8% on 4.1 million shares traded. The Baker Hughes Rotary Rig Counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States, Canada and international markets.
Comcast Corporation (NASDAQ: CMCSA) up 2.4% on 29.8 million shares traded. Comcast Corporation is the nation's leading provider of cable, entertainment and communications products and services.
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