Uranium Power Corporation: Deep Drilling Progress Report Athabasca Oil Prospect Fort McMurray, Alberta
CALGARY, Alberta--(BUSINESS WIRE)--Dec. 23, 2002--Uranium Power Corporation (OTCBB:URMP)(DAX:URP) William Ghazar, the well site geologist reports, one light gravity and one heavy oil show as well as several gas shows to date. He also advises that the variable drilling rate encountered could be attributed to fractures where oil is entrapped. The core sample, taken from 1656.4 meters to 1657.6 meters, exhibited heavy crude oil bleeding as well as pinpoint pores with hairline fractures with heavy crude that showed yellow fluorescence and dull yellow cut. William Ghazar has extensive experience as a well site geologist in drilling fractured basement rock, over the last 40 years.
Lorne Inglis, Petroleum Geologist, and a Director of Uranium Power Corporation, notes, "the oil and gas shows encountered to date not only validates the presence of hydrocarbons in basement rocks, but also validates the Company's optimism with the project as it confirms the Athabasca Oil Prospects potential."
The 7-32 well is being drilled at 1800 meters (5,904 feet) as of Noon, December 23, for a total of 149 meters (488 feet) to date. The Company will drill to total depth before completing a suite of logs. Based on log interpretation, the best fracture zones will then be selected for production testing. The current penetration rate is approximately 4 meters per hour although it has been as high as 9.7 meters per hour. Never the less, the Company expects to reach total depth before year-end.
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.
CONTACT: Uranium Power Corporation
Brook Bellian, 800/877-1626
www.apioil.net
or
Randal Pow, 888/858-7759
investor@apioil.net
www.apioil.net
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