MIAMI, Jan. 6, 2005 (PRIMEZONE) -- Stock Market Alert's watch list includes: Unicorp, Inc (Pink Sheets:UCPI), Sirius Satellite Radio (Nasdaq:SIRI), Intel Corporation (Nasdaq:INTC) and Symantec Corporation (Nasdaq:SYMC).
Unicorp, Inc (Pink Sheets:UCPI) issued a press release late yesterday afternoon that may excite investors. The company announced 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. Prior to press release, the company's stock closed at $3.30.
The press release stated that Unicorp owns a 75% working interest in the additional 2,400 acres acquired and that this brings the total acres under lease with P5 Petroleum to 9,400 with additional leasing activity underway.
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.
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.
Other Stocks of interest Wednesday: Sirius Satellite Radio (Nasdaq:SIRI) up 1.7% on 104.2 million shares traded, Intel Corporation (Nasdaq:INTC) down 0.9% on 73.7 million shares traded and Symantec Corporation (Nasdaq:SYMC) down 1.4% on 28.7 million shares traded.
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