Oil prices are now over $80 and are expected to continue rising for the rest of 2007 and into 2008. Yesterday after the closing bell, Unicorp announced that it has begun operations and is moving the completion rig to the company’s Pan American Fee Well No. 1 in Jefferson Davis Parish, Louisiana.
The company plans to initiate a recompletion of a well drilled in 1969. Unicorp acquired the acreage with its recent Welsh Field acquisition and has intends to drill two additional well locations if it is successful with the procedure.
The CEO of Unicorp stated earlier, “We are pleased that we had tremendous revenue growth for the second quarter, generated by internal growth as well as an acquisition. We are actively pursuing acquisitions that are immediately accretive to cash flow and hope to close another during the second half of 2007.”
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