WESTON, Fla., Nov. 22, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: Unicorp, Inc. (Pink Sheets:UCPI), Microsoft Corporation (Nasdaq:MSFT), Intel Corporation (Nasdaq:INTC) and Lucent Technologies Inc. (NYSE:LU).
Aggressive investors and traders need to watch Unicorp, Inc. (Pink Sheets:UCPI) again this morning! Friday after the markets closed, the company issued a press release announcing that its wholly-owned subsidiary, Affiliated Holdings, Inc., has completed the acquisition of a 7,000-acre tract located in Hardin County, Kentucky from P5 Petroleum, Inc. of Houston!
This should be great news for investors! Unicorp's recent funding of $580,000 will allow drilling to begin within 30 days. Production results from the initial well are expected by late December 2004.
A recent study showed that 4,000 wells drilled in the New Albany Shale trend has had an 80-90% success rate per well with very attractive potential reserve numbers. Based upon typical reserve estimates from the study, this prospect represents a potential of up to 61 billion cubic feet (BCF) of natural gas.
Carl A. Chase, Vice President and CFO of Unicorp stated, "This represents a fantastic opportunity for us. There is extremely low risk in the New Albany Shale and current natural gas prices make the economics of this project well within our risk levels. Production from the initial four well program should hit the market sometime in February 2005."
Greg Pollard, President of P5 Petroleum, Inc., stated, "It is our great pleasure to have signed this agreement with Unicorp to begin drilling the gas wells on the Cecilia Prospect in the New Albany Shale." He further stated, "We are very excited about this partnership with Unicorp and we are looking forward to a successful and prosperous drilling and production operation with them. Additionally, we are looking forward to becoming a responsible member of the local Elizabethtown community, as well as the State of Kentucky as a whole."
Investors should continue to watch this company for more great news! According to the press release, the Cecilia Prospect, located in Hardin County, Kentucky, is 7,000 acres along the New Albany Shale trend. Under the terms of the agreement with P5 Petroleum, Unicorp is initially committed to drilling a minimum of 4 wells. Subject to the success of the initial four wells, Unicorp has the option to participate in an additional 26 wells with Unicorp paying 100% of the well costs through the 30 well programs. After payout of all drilling, completion, field facilities and lease bonus costs, P5 Petroleum will retain a 25% working interest and Unicorp will retain a 75% working interest in the field. Based upon 40 acre spacing, Unicorp could drill approximately 175 wells on the Cecilia Prospect. Upon the successful completion of the initial 30 well program, all subsequent operations will be owned 75% by Unicorp and 25% by P5 Petroleum. The agreement also gives Unicorp the option to participate in adjacent leases which hold an additional 16,000 acres.
In case you are not familiar with the company: Unicorp, Inc. is primarily engaged in the acquisition, development, exploration and production of crude oil and natural gas. Its focus is on acquiring working and non-working interests in crude oil and natural gas properties. Once promising properties are identified, the Company will attempt to acquire the properties either for drilling oil and natural gas wells, using independent contractors for drilling operations, or for sale to third parties.
The stock closed Friday at around $1.10 a share.
Stocks showing interesting activity yesterday at the close of the regular trading day were: Microsoft Corporation (Nasdaq:MSFT) down 0.7% on 85.5 million shares traded, Intel Corporation (Nasdaq:INTC) down 2.5% on 79.9 million shares traded and Lucent Technologies Inc. (NYSE:LU) down 2.9% on 54 million shares traded.
Commentary:
"After years of relative calm on the inflation front, Americans are being battered by $2-a-gallon gasoline, rising food prices and higher medical bills, and there are fears that price pressures could worsen in 2005. Inflationary pressures have led some economists to worry about a possible nightmare scenario: The dollar weakens dramatically, which drives up import prices; as terrorists attack overseas oil production facilities, which drives up energy prices; and like that, America's productivity miracle, a main reason for moderate inflation in recent years, disappears," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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