Unicorp Announces Participation in Multi-Well North Cayuga Prospect With Potential Gross Reserves of 1,000,000 Barrels of Oil and 4 Bcf of Gas
Unicorp, Inc. (OTCBB:UCPI) announced today that it has entered into an agreement to participate in the North Cayuga Prospect located in Henderson County, Texas. The Cayuga Prospect will be drilled to a depth of approximately 9000 feet to initially test the Rodessa Bacon Lime zone. 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 will have a 21% working interest and an approximate 16% working interest after payout in this prospect.
The Cayuga Field is one of the big structural traps in the basin, and has produced over 61 million barrels of oil from the Woodbine. The Rodessa, Pettit, Travis Peak, Georgetown, Cotton Valley and Bossier sands are also productive zones for which this field is known.
"This is a very prolific field that has produced a very large amount of oil and gas," stated Arthur Ley, COO of Unicorp. "Our prospect is on the north flank of the field and there are seven other locations to drill if this well is successful. We are currently at various drilling and completion stages on four wells on various prospects and are hopeful that they will come online during the first quarter of 2007."