WESTON, Fla., Dec. 2, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: Unicorp, Inc. (Pink Sheets:UCPI), Nokia Corporation (NYSE:NOK), The News Corporation Inc. (NYSE:NWS) and Symantec Corporation (Nasdaq:SYMC).
Aggressive investors and traders need to keep their eyes on Unicorp, Inc. (Pink Sheets:UCPI) this morning! Yesterday after the markets closed, the company issued a press release announcing that it has signed a binding letter of intent to acquire the exclusive 10 year U.S. license for the use of this proprietary Vibroseismic Impact Technology.
This should be great news for investors! According to the press release, this new technology, which has already proven to have significantly increased production in Indonesia, has the ability to take old oil fields that were once thought to be past their prime and yield millions of barrels of oil previously classified as unrecoverable. This exclusive U.S. license could mean enormous potential should Unicorp acquire fields with large oil reserves that were previously thought to be unrecoverable. Texas alone has about 110 billion barrels of oil now classified as unrecoverable in known existing fields. This technology is an EOR/IOR (enhanced oil recovery/improved oil recovery) methodology originally developed in Russia as a trade secret protected technology to increase oil and gas production in aging fields. This technology utilizes vibrations which are well known to reduce static friction, thus allowing the oil trapped in sand to once again flow more easily to the well bore.
Investors should continue to watch this company for more great news! Carl A. Chase, Vice President and CFO of Unicorp, stated, "We are very pleased that we now have a binding letter of intent and are very anxious to see the results on our South Texas field. We recently met with the group from Russia that owns this technology and were presented with very impressive results that show up to a 50% increase in production from fields in Russia and Indonesia. We believe if we can achieve the same results in Texas as they have achieved internationally, then this could be a very successful venture for us."
This binding letter of intent is subject to Unicorp's satisfaction of increased production from its South Texas oil field project, which is currently being treated and the execution of a definitive agreement within six months of the final test results. Results for the South Texas field are expected in mid-January 2005.
It was just two weeks ago that the company announced 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!
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.
The stock closed yesterday at around $2.15 a share.
Stocks showing interesting activity yesterday at the close of the regular trading day were: Nokia Corporation (NYSE:NOK) up 2.3% on 8.2 million shares traded, The News Corporation Inc. (NYSE:NWS) up 1.7% on 7.6 million shares traded and Symantec Corporation (Nasdaq:SYMC) up 2.7% on 8.3 million shares traded.
Commentary:
"Markets saw a big boost Wednesday as oil slid to $46 per barrel and Nasdaq stocks reported good earnings. This was a 7% drop in oil as supplies of crude shot up as well," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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