Uranium Power Corporation: Progress Report: Deep Drilling Program Commences on Athabasca Oil Prospect Fort McMurray Alberta
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 11, 2002-- Uranium Power Corporation (OTC BB:URMP; DAX:URP) is pleased to report the Company's subsidiary, Anhydride Petroleum (Canada) Inc. has today signed a drill contract to deepen the AOC 7-32 well from 1650 meters (5400feet) to 2250 meters (7400 feet) to test the primary seismic target at 2150 meters (7050 feet) which is estimated to be some 500 meters (1650 feet) thick. The drill rig is scheduled to arrive at the 7-32 location on December 14, 2002 and will commence drilling operations immediately.
"The deep drilling program is a milestone development for URMP representing the culmination of several years of technical evaluation and over $1 million in exploration expenditures". stated Uranium Power Corporation President Doug Cannaday "The encouraging oil shows encountered during the recent re-entry program strongly support the Company's geological theories and bode exceptionally promising for a significant hydrocarbon discovery at depth" added Cannaday
Uranium Power Corporation further reports, as drilling proceeds, the Company's consulting Geologist suggests the oil & gas showings encountered to date, in conjunction with analysis of log data, the drilling may intersect more secondary fracture zones potentially containing oil or gas shows prior to reaching the primary seismic target.
Justone Resources Ltd., represented by Vern Stone is engaged by the Company to oversee drilling operations and provide engineering services. Mr. Stone has more than 25 years experience. Operations will be conducted over an estimated 10-day period including logging, coring, and testing, at an estimated cost of $560,000 CDN.
CONFERENCE CALL SCHEDULED - Uranium Power Corporation will hold a conference call to discuss its deep drill program on Friday, December 13, 2002 at 1100 a.m., pacific time. To access the conference call, please dial 800-796-7558 after 10:45 a.m. pacific time. Alternatively, investors are invited to listen to the live conference call at 11 a.m., Dec 13, pacific time, over the Internet through Uranium Power's website, at apioil.net To listen to the live call, please go to the web site at least fifteen minutes early to download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. (International callers dial 416-640-1907)
CONTACT: Uranium Power Corporation
Steve McGuire, 800/877-1626
or
Uranium Power Corporation
Randal Pow, 888/858-7759
investor@apioil.net
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