Wall Street News Alert's "stocks to watch" this morning are: Unicorp Incorporated (OTCBB: UCPI), Altria Group Inc. (NYSE: MO), Newmont Mining Corporation (NYSE: NEM) and Dycom Industries, Inc. (NYSE: DY).
Unicorp, Inc. (OTCBB: UCPI) is at it again and investors should keep an eye on the company this morning! Yesterday, after the stock markets closed, the company issued a press release announcing that it has begun operations in preparation for the drilling of its prospect located in Greene County, Mississippi.
News of the upcoming drilling could get the attention of investors! Drilling is expected to commence within the next two weeks and the well will be drilled to a depth of approximately 6,800 feet to test the Upper Tuscaloosa formation. Unicorp will be the designated operator of the project and has approximately a 60% working interest and a 46.8% net revenue interest.
The Lee Walley Well No. 1 was drilled and plugged and abandoned in 1983. The electric log indicated an apparent oil pay at the top of the Tuscaloosa formation which was confirmed by sidewall cores which indicated a good show of oil. The Unicorp well will be located approximately 75 feet from the Lee Walley Well No. 1.
Wall Street News Alert is continuing to place Aggressive Investors on alert to monitor the progress of Unicorp! According to the company's press release, based upon cumulative production figures of similar wells in the North Sand Hill Field and the Flat Branch Field, it is estimated that the Unicorp well could have 130,000 barrels of oil reserves which equates to $9,100,000 in gross production at today's price of $70 per barrel. There is no guarantee that this well will be successful or that these numbers will be achieved due to production and/or price fluctuations. Unicorp's net revenue interest would equate to 46.8% of the gross production.
"If this initial test well is successful we anticipate there to be several other drilling locations in this area," stated Arthur Ley, COO of Unicorp. "Mississippi has not been our core focus but we believe that this represents a low risk opportunity and will continue to seek out other prospects that meet our risk profile."
Earlier this week, the company announced that it has entered into an agreement to participate in the North Laurel Ridge Prospect located in Iberville Parish, Louisiana. According to the company, total reserves are estimated to be 1,093,000 barrels of oil and 3.3 Bcf of gas. The well is scheduled to be drilled in early September and Unicorp will have a 5% working interest and an approximate 4% net revenue interest in the well.
In addition, the company has recently announced that it has started producing oil from its North Edna Prospect located in Jefferson Davis Parish, Louisiana. Unicorp has a 40% before payout and a 30% after payout working interest in this prospect and stated that "This discovery is exciting because it will more than double our current revenue and we have three additional offset wells to be drilled in this field."
Unicorp's stock closed yesterday at Seventy Nine cents a share.
For an in-depth, updated profile of Unicorp, visit: http://www.thenewssvc.com/UCPI083006.html
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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 aggressively acquiring working interests in crude oil and natural gas properties with the intent of exploration and development or by enhancing production through the use of modern development techniques such as horizontal drilling, satellite technology and 3-D seismic. The company's goal is to achieve a high return on its investment by limiting its up-front acquisition costs, by quickly developing its acquisitions and by practicing a sound and smart approach to oil and gas exploration and development.
Altria Group, Inc. (NYSE: MO) up 1% on 10 million shares traded.
Newmont Mining Corporation (NYSE: NEM) up 1.1% on 3.7 million shares traded. Newmont Mining Corporation is gold exploration company.
Dycom Industries, Inc. (NYSE: DY) up 9.3% on 2.6 million shares traded. Dycom is a provider of specialty contracting services throughout the United States.
"In economic news, the second quarter GDP has been revised to 2.9% from 2.5% in a report by the Commerce Department. The increase is due mostly because of better exports. GDP measures the value of all goods and services of the country," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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