Uranium Power Corporation: Logging and Testing Confirm Massive Reservoir Potential
CALGARY, Alberta--(BUSINESS WIRE)--Jan. 13, 2003 -- Athabasca Oil Prospect, Fort McMurray Alberta
Uranium Power Corporation (OTC BB:URMP)(DAX:URP) The Company is pleased to report limited testing at the 7-32 well has now been conducted with positive results. During operations rock particles were recovered, oil and gas shows were confirmed, cores were cut and analyzed, logs were run and 3 intervals tested confirming the potential of massive fracture reservoirs containing unlimited reserves under the Company's extensive land holdings comprising 97 square miles.
The logs revealed a number of fracture systems only 2 of which are verified by testing. A third interval at the bottom of the hole also was tested, which was cored but not logged and observed to be fractured with oil and gas shows. The 3 tested intervals are 1645 - 1670 meters (82 feet), 1755 - 1800 meters (148 ft) and 2345 -2363 meters (59 feet).
All three intervals yielded fluid recoveries with gas shows and good formation pressures which confirm permeability. An analysis of these samples indicate they are largely comprised of filtrate that invaded the fracture systems during drilling operations. The filtrate recoveries and gas shows confirm the presence of oil and gas in fracture basement rocks.
The Company's consultants recommend a testing period of several days is required to allow the fractures to be cleared of the invading filtrate to enable oil and gas to enter the well bore. This testing procedure cannot be accomplished with the drill rig now being utilized. This rig will be released today and a service rig will be immediately contracted to continue this testing procedure. The program will include running a string of tubing to swab all of the drill mud out of the well. The total length of the well (2363 meters or 7750 feet) would then release oil and gas from all permeable fracture zones which may result in oil and gas production. The fracture zones above 1650 meters may have been damaged by drilling mud remaining in the well over 8 years but may have similar permeability with potential reservoirs as evidenced below.
The Company has set up a conference call for 10:00 am Pacific, 1:00 pm Eastern time Tuesday January 14, 2003 for further information. Lorne Inglis, Director and Petroleum Geologist; Doug Cannaday, President and Vern Stone, Drilling Engineer will be in attendance. Please call 10 -15 minutes prior to Presentation.
Participant Dial-in Numbers:
TOLL-FREE 1-800-814-3911
TOLL/INTERNATIONAL 1-416-640-4127
CONTACT: Uranium Power Corporation
Steve McGuire, 800/877-1626
or
Uranium Power Corporation
Randal Pow, 888/858-7759
investor@apioil.net
www.apioil.net
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