HOUSTON, Dec. 1, 2004 (PRIMEZONE) -- Unicorp, Inc. (Pink Sheets:UCPI) announced today 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 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.
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.
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."
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 oil and gas properties and the success of the VSIT 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.