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URANIUM POWER CORP ("URMP-L") - Athabasca Oil Prospect - Re-Entry Schedule
Doug Cannaday, President of Uranium Power Corporation reports that the Company has contracted Burnish Enterprises Ltd. of Calgary, Alberta to re-enter the AOC 7-32 well on July 29, 2002 to test five separate potential pay zones with a work over rig.
Production tests will be completed from 2,580 to 2,680 feet; 2,900 to 3,000 feet; 4,690 to 4,790 feet; 4,850 to 4,950 feet; and 5,450 feet to the bottom of the hole at 5,500 feet, which have either light gravity crude oil or gas shows as noted on the drilling reports and electric logs.
Bill Bohdan, President of Burnish Enterprises Ltd., is a drilling engineer with experience in fractured reservoir formations, states "The production testing and evaluation may take three weeks to complete, and if successful, a further ten days to commence commercial production." The testing is estimated to cost $170,000CDN and to complete the well for production, a further $50,000CDN.
The AOC 7-32 well is located 2 miles west of the city of Fort McMurray, Alberta and is within the Athabasca Oil Prospect. The Prospect's primary target is a large seismic feature located at 7,200 feet, which is covered by 97 square miles of petroleum and natural gas licenses located under the Athabasca Tar Sands. If the tests from the known shallow zones are not commercial, the Company plans to deepen the existing well to the primary target at a cost of approximately $500,000CDN. If the production tests are successful, then the Company plans to drill a step out well from AOC 7-32 to test the primary target.
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