Unicorp obtains rig to begin drilling its Mississippi Oil Prospect
  by: OilOnline
  Thursday, July 20, 2006

Unicorp, Inc. has obtained a drilling rig to drill its Mississippi oil prospect, an approximate 6,800 foot well to test the Upper Tuscaloosa formation in Greene County, Mississippi. Unicorp will be the designated operator of the project and will have a 60% working interest and an approximate 46.8% net revenue interest in the well.

The location has been staked and the application to drill has been filed with the Mississippi State Oil & Gas Board.

As previously reported, based upon cumulative production figures of similar wells offsetting this drilling location in the North Sand Hill Field and the Flat Branch Field, it is estimated that the Unicorp well could have 130,000 barrels of oil reserves which equates to $9,620,000 in gross production over the life of the well at today's prices of $74 per barrel. There is no guarantee that this well will be successful or that these numbers will be achieved due to production and/or price fluctuations. Unicorp's net revenue interest would equate to 46.8% of the gross production.

"We are pleased that we have identified a drilling rig to drill this prospect," stated Arthur Ley, COO of Unicorp. "We expect to begin drilling operations on this well within the next 40 days and, if successful, this prospect will provide a significant increase in shareholder value."