Uranium Power Corporation: Deep Drilling Program Reaching Total Depth Athabasca Oil Prospect, Fort McMurray, Alberta
CALGARY, Alberta--(BUSINESS WIRE)--Dec. 27, 2002--Uranium Power Corporation (OTCBB:URMP)(DAX:URP) The Company is pleased to report that the deep drilling program on the 7-32 well has successfully reached a depth of 1,975 meters (6,478 feet) as of 8:00 AM today, leaving 175 meters (574 feet) to drill before reaching the primary target. Over the past 24 hours, the penetration rate was 3.25 meters (10.67 feet) per hour. Two additional gas shows have been intersected over intervals of 12 meters (39.4 feet) and 30 meters (98.5 feet) since the last progress report.
Warren Hunt, Consulting geologist and project founder, notes, "The oil, which has been identified from fractures in the core sample by the well site geologist, William Ghazar, may also be expected in more fracture zones to depth. The data compiled to date suggests that a source of the petroleum in the Athabasca Tar Sands may exist at depth. In addition, on reviewing the seismic data from the primary target, it may have porosity of 8% to 10%."
Doug Cannaday, President, reports that the drill should reach the top of the primary seismic target within the next few days, which is approx 500 meters (1650 feet) thick.
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
Steve McGuire, 800/877-1626
or
Randal Pow, 888/858-7759
investor@apioil.net
www.apioil.net
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