Unicorp to Utilize Satellite Geosensing Technology on Its 3-D Seismic Covering Abbeville Field Located in Vermillion Parish, Louisiana.
Satellite imaging has introduced new hydrocarbon exploration and recovery technology to the oil industry. A satellite passes over an area identified by the company and acquires the prescribed data. The information gathered by the satellite is then entered into a software program that processes a picture and forms an image based on the amount and intensity of gamma ray protons that are released above the hydrocarbon field. The final product is a map of the identified area indicating various intensities of hydrocarbons present underground.
According to Harry Patrick, President of Hawkeye GEOsensing, Inc., "This is a helpful, effective and cost effective method of selecting locations where to drill and more importantly, where not to drill. According to our clients, they have been able to narrow their drilling risk by 46% by providing data where drilling should be done, thus minimizing dry holes." Mr. Patrick went on to say, "We have done over 200 applications and drillers have experienced a successful drilling ratio of over 75% using this data."
"These two techniques should allow us to utilize the latest technology to identify the best locations available to drill," stated Kevan Casey, CEO of Unicorp. "Using this technology, we have identified our second well location on our Ohio County, Kentucky prospect, should the initial well which we have drilled be commercially economical to produce."
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 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 Statement
This press release contains statements that may constitute forward-looking statements, 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 Annual Report on Form 10-KSB for the year ended December 31, 2004 and Form 10-QSB for the quarter ended September 30, 2005. 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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|Date:||Feb 1, 2006|
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