Unicorp Announces It Has Increased Its Working Interests from 16% to 25% on Its Catfish Prospect Which Has Potential Gross Reserves of 2,500,000 Barrels of Oil.HOUSTON -- Unicorp, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :UCPI) announced today that it has increased its working interest position in its Catfish catfish, common name applied to members of the freshwater fish families constituting the suborder Nematognathi. The catfish is related to the sucker and the minnow, and like them has a complex set of bones forming a sensitive hearing apparatus. Prospect with potential gross reserves of 2,500,000 barrels of oil. This prospect is located in East Texas and has in excess of 8,000 gross acres and the potential for 20 to 40 wells with estimated reserves of 125,000 barrels of oil equivalent (BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip ) per well. This prospect is for the shallow drilling rights which include depths up to 10,600 feet. Unicorp will have an approximate 33% working interest before payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. (25% after payout) in the initial two wells and an approximate 25% working interest in all subsequent wells in this prospect. Unicorp previously announced it had a 21% before payout and 16% after payout working interest. About Unicorp 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 a drilling machine having a horizontal drill spindle. See also: Horizontal , 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. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains statements that may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including the company's ability to successfully acquire oil and gas properties and drill commercial wells. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about Unicorp's future business and financial results, refer to Unicorp's Quarterly Report on Form 10-QSB for the period ended March 31, 2007 and Annual Report on Form 10-KSB/A (First Amendment) for the year ended December 31, 2006. Unicorp undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise. |
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