HOUSTON, Jan. 5, 2005 (PRIMEZONE) -- Unicorp, Inc. (Pink Sheets:UCPI) announced today that it has acquired an additional 2,400 acres through its joint venture with P5 Petroleum. The company previously announced its intentions to acquire an additional 16,000 acres. This property is adjacent to its Cecilia Prospect located in Hardin County, Kentucky. This brings the total acres under lease with P5 Petroleum to 9,400 with additional leasing activity underway. Unicorp owns a 75% working interest in the additional 2,400 acres acquired.
The company previously announced it would begin drilling its initial test well on its Cecilia Prospect prior to the end of 2004, however, the joint venture with P5 Petroleum has encountered some delays in the approval of its drilling permits by the State of Kentucky. The company now anticipates drilling will begin during January 2005.
Kevan Casey, CEO of Unicorp, stated, "This additional acreage is important to our acreage inventory position in Kentucky. If the results of our initial test wells are positive, then we plan on rapidly identifying additional well locations within our acreage inventory and drilling additional wells."
The company also previously announced that it had signed a binding letter of intent to acquire the ten-year exclusive license for the proprietary vibroseismic impact technology ("VSIT") subject to positive results from the South Texas oilfield. Based upon preliminary information, it is not likely the company will enter into the definitive agreement.
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 additional acreage for its Cecilia Prospect, the success and timing of its planned drilling program and the results of the vibroseismic impact technology. 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.