USEG - Uranium Power Corporation Message Board

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Gold/Mining/Energy : USEG - Uranium Power Corporation

USEG 1.010

+1.6%

Dec 23 3:59 PM EST

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To: jmhollen who started this subject	1/17/2003 9:41:48 AM
From: jmhollen	of 72

Uranium Power Corporation: Progress Report Athabasca Oil Prospect, Fort McMurray Alberta CALGARY, Alberta--(BUSINESS WIRE)--Jan. 17, 2003--Uranium Power Corporation (OTCBB:URMP)(DAX:URP): The Company reports it has commenced design of a test program for the 7-32 well and during the week of January 20, 2003 the Company intends to mobilize a service rig for implementation of the testing program. It is the advice of Ross Crain, P. Eng. to swab down the entire well to near atmospheric pressure thereby allowing fluids to move in through the numerous fractures from the matrix rock. Mr. Crain suggests this testing "will take considerable patience" and is forecast to take several days. The Company obtained and analyzed a mud sample from 1651 meters (5417 feet) which contains 10.486% oil by weight. Oil was also noted by the well site geologist, Bill Ghazar from core taken at the same depth. C. Warren Hunt, consulting Petroleum Geologist comments, "Drilling has revealed high gravity oil showings within the 712 meter (2,336 feet) newly drilled interval comprising numerous fracture systems and abundant angular quartz sand. These elements suggest the well may be highly productive and may produce during the swab testing. Offset wells to the fracture systems found above 1650 meters in the 7-32 well remain a respectable prospect for the future. The fundamental premise of the drilling project that a basement source led to the emplacement of the petroleum in the Athabasca bituminous sands is supported by the above data." The Company awaits receipt of further analytical data from Spectrum 2000, Baker Oil Tool and Schlumberger over the next several days. The data will include further analysis of the oil and gas bearing fracture systems as well as seismic data. CONTACT: Uranium Power Corporation Steve McGuire, 800/877-1626 investor@apioil.net Randal Pow, 888/858-7759 investor@apioil.net www.apioil.net

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