WESTON, Fla., May 5, 2005 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: Unicorp, Inc. (Pink Sheets:UCPI), Time Warner Inc. (NYSE:TWX), Ford Motor Co. (NYSE:F) and General Motors (NYSE:GM).
Aggressive investors and day traders should once again have their sights on Unicorp, Inc. (Pink Sheets:UCPI) this morning! Yesterday after the stock markets closed, the company issued a press release announcing that it has entered into a farm out agreement with La Mesa Partners, LC of McKinney, Texas to drill unconventional gas wells in the New Albany Shale formation in Ohio County, Kentucky.
This could be more great news for investors! Kevan Casey, CEO of Unicorp, stated, "We have been evaluating this prospect and believe the fractures required to produce gas in commercial quantities are far superior to those fractures we encountered in our Cecilia Prospect located in Hardin County, Kentucky approximately 30 miles to the north. Our commitment is to spud the initial well by July 15, 2005, and we are beginning immediately to identify a suitable location and file the necessary papers with the State of Kentucky to become an operator." Mr. Casey went on to say, "In addition to possessing better fracturing, the New Albany Shale is approximately three times thicker than that found in the Cecilia Prospect."
Investors should continue to monitor this project for further developments! Under the terms of the agreement, Unicorp is required to drill one well on the Hartford Prospect to a total depth of 2,700 feet or to a depth sufficient to adequately test the base of the New Albany Shale formation, whichever is the lesser depth. Should the well encounter natural gas reserves in commercial quantities, Unicorp will be assigned La Mesa's entire interest in approximately 7,678 acres, of which Unicorp will pay for the lease acquisition to La Mesa in the form of cash and Unicorp common stock. Unicorp will own a 100% working interest in the prospect and an 81.5% net revenue interest.
Investors watch this company!
For more in-depth coverage of Unicorp, visit http://www.1sourcealert.com/UCPI0504.html
Prior to the news release, the stock closed at Thirty-Five cents a share.
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 through the acquisition of unconventional reserves. Its focus is on acquiring working interests in crude oil and natural gas properties. For further information: www.unicorpinc.net.
Stocks showing interesting activity yesterday at the close of the regular trading day were: Time Warner Inc. (NYSE:TWX) up 3.6% on 20.8 million shares traded, Ford Motor Co. (NYSE:F) up 7.2% on 44.1 million shares traded and General Motors (NYSE:GM) up 18.1% on 60.2 million shares traded.
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-0- Wall Street News Alert Roy Campbell Contact email: info@wallstreetnewsalert.com URL: http://www.wallstreetnewsalert.com