Greg, Drilling Set For June! Here is the news:
Uranium Power Corporation - Oil Production Testing Program Set for June 2002 On the Athabasca Oil Prospect, Alberta
30 Apr 2002, 01:01am ET
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VANCOUVER, British Columbia--(BUSINESS WIRE)--April 30, 2002--Uranium Power Corporation (OTC BB:URMP; DAX: URP) reported today that it has scheduled a production test in the suspended AOC 7-32-89-10-W4 well, to commence in June 2002. This well is very close to the Athabasca Tar Sands in Alberta, Canada, the largest deposit of hydrocarbons in the world with a reservoir of more than 1.3 trillion barrels of oil.
Anhydride Petroleum (Canada) Inc., a subsidiary of Uranium Power Corporation, has been instructed to engage a work-over rig to re-enter the well after spring breakup, when road conditions allow access to the drill site by heavy equipment.
At a cost of $215,000 CDN, five separate previously discovered pay zones will be tested. Four of the zones have strong light gravity crude shows encountered during drilling from 2,500 feet (789 meters) to 4,849 feet (1478 meters) and a strong gas show was encountered at the bottom of the hole at 5,410 feet (1648 meters). These zones have been confirmed by electric log analysis.
Bill Bohdan, P.Eng. of Burnish Enterprises Ltd. has been engaged to supervise the testing program. Mr. Bohdan has 30 years experience in oil field work.
Uranium Power has the right to earn an 85.9% working interest before payout and a 52.8% working interest after payout in the AOC 7-32 well. The Company has a 50% land interest in 96 square miles of petroleum and natural gas licenses that surround the 7-32 well. This land position covers a large seismic target at 7,050 feet (2150 meters), believed by the company's geologists to contain a significant deposit of oil.
Thornton Donaldson, President of Uranium Power Corporation, said: "Our Athabasca Oil Prospect has the potential to be a world-class oil discovery. We are very pleased to re-enter this well, which is the first phase of an overall exploration program to fully evaluate the prospect. If it proves to be commercial, we intend to drill a second hole to test our primary target at 7,050 feet. If it is not commercial, we will deepen the 7-32 well to test the primary target."
Uranium Power Corporation will be changing its name to Anhydride Petroleum Inc. at its annual general meeting in May 2002 to better reflect the Company's focus, which is to test the theory that petroleum can be found in the basement rock beneath the Athabasca Tar Sands.
For further information go to the Uranium Power web site at: www.apioil.net.
CONTACT:
Steve McGuire at Britton Capital Polar Capital
1-800-877-1626 or 604-606-7969 1-877-685-2300
Steve@brittoncapital.com info@polar-capital.com
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. These uncertainties include but are not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission.
CONTACT: Britton Capital
Steve McGuire, 800/877-1626 or 604/606-7969
Steve@brittoncapital.com
KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: ENERGY OIL/GAS
SOURCE: Uranium Power Corporation Today's News On The Net - Business Wire's full file on the Internet
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