Wed Jul 31, 2002
ATHABASCA OIL PROSPECT -- PROGRESS REPORT
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Uranium Power Corporation (OTC BB: URMP; DAX: URP) The Company's selling agents report that Uranium Power will be in receipt of sufficient funds on or about August 2, 2002 to re-enter the Athabasca Oil Prospect's 7-32 well to test Five potential oil and gas zones.
Doug Cannaday, President of Uranium Power Corporation, notes, "The $1,500,000 (CDN) Limited Partnership funding (details announced on June 27, 2002) provides the Limited Partner a 90% Tax Deduction as well as a prospect interest and as such is not adversely effected by current market volatility".
At the same time, Doug Cannaday, is pleased to announce the appointment of Michel David as Executive Vice President and Director. Mr. David is a geologist with over 25 years of experience in geological exploration, geophysics, production, and financing in both mining and oil gas companies.
Uranium Power Corporation has the right to earn an 81.25% working interest before payout and a 52.8% working interest after payout in the AOC 7-32 well, subject to certain drilling Partnership interests and a 9.5% gross overriding royalty.
For further information please contact us at investor@apioil.net or the website at www.apioil.net
Contact:
Steve McGuire:(800) 877-1626
Giuliano Tamburrino :(877) 999-9238 |
