Press Release
SOURCE: Uranium Power Corporation
Uranium Power Corporation - Acquisition Of The
Firebag Oil Play, Fort McMurray, Alberta, Canada
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 16, 2002-- Thornton Donaldson, President of Uranium Power
Corporation, is pleased to announce the acquisition of the Firebag Oil Play located 50 miles north east of the previously announced
Athabasca Oil Project, which is under option to Uranium Power Corporation.
The Firebag Oil Play is within Townships 97 & 98, Ranges 5 and 6 West of the 4th Meridian with two licenses covering 31 square
miles for petroleum and natural gas below the base of the Woodbine Formation. The Play is located on the crest of the up thrown
side of and west of the Firebag fault, which may form several traps for accumulation of oil. Husky Oil, Imperial Oil, Mobile Oil,
Shell Oil and Suncor hold licenses or leases in the immediate area.
Uranium Power Corporation has purchased an 81.25% interest in the Firebag licenses, which are subject to a 9.5% gross royalty,
and a 6.25% reversionary working interest after payout of each well. In addition, a third party has an option to drill a 12.5%
working interest.
The Firebag Play is located within the Athabasca Tar Sands Deposit, which is the world's largest hydrocarbon deposit exceeding
1.3 trillion barrels oil. Production from the Tar Sands will exceed 2 million barrels oil per day by 2003.
For further information please visit the company's website at www.apioil.net
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained
herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but
not limited to economic, competitive, governmental and technological factors effecting the Company's operations, markets,
products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission.
Cusip No. 917022 10 5
Contact:
For Uranium Power Corporation
Britton Capital
800-877-1626 |
