HOUSTON, Dec. 10, 2004 (PRIMEZONE) -- Unicorp, Inc. (Pink Sheets:UCPI) announced today that it has secured a drilling contract with Reliford Drilling through its joint venture with P5 Petroleum for the Cecilia Prospect located in Hardin County, Kentucky. Drilling is expected to begin prior to the end of calendar 2004 and initial results of the test well are expected sometime in January. Pursuant to the agreement with P5 Petroleum, Unicorp is required to immediately fund an additional $480,000 upon P5 Petroleum executing this drilling contract.
Carl A. Chase, Vice President and CFO of Unicorp, stated, "We are pleased to have achieved this milestone on the Kentucky Project and are excited that we will begin drilling this month."
About Unicorp, Inc.
Unicorp, Inc. is primarily engaged in the acquisition, development, exploration and production of crude oil and natural gas. Its focus is on acquiring working interests in crude oil and natural gas properties. For further information: www.unicorpinc.net.
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements, including the company's ability to successfully acquire and explore oil and gas properties. 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/A for the year ended December 31, 2003, and Quarterly Report on Form 10-QSB for the quarter ended September 30, 2004. 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.