Universal Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 6, 2008) – Universal Power Corp. (TSX VENTURE:UNX)(FRANKFURT:3U2A) (the “Company”) or (“Universal”) today provided a corporate update as follows:
The Company has been advised by the Government of Namibia that interpretation of results from sampling and testing of the Kunene #1 well are ongoing and final results have not been submitted by the operator. Furthermore, Universal has been advised that the operator and the Namibian Government have had discussions regarding future work and plans for Block 1711. Results of testing and sampling will be released when reviewed and approved by the Namibian government due to the tight hole status of this well.
The government of Namibia has classified Kunene No. 1 as a “tight hole,” meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.
Namibian Oil & Gas Assets
The Company’s business plan is to focus on hydrocarbon exploration and production primarily in Namibia, Africa. In this regard, Universal entered into a partnership with Kunene Energy (Pty) Ltd (“Kunene Energy”) a Namibian Black Economic Empowerment (“BEE”) company, founded by Mr. Knowledge Katti a local businessman and director of Universal. The Company is well positioned to assemble strategic interests in high-profile African oil and gas projects and currently has a 2.7% carried interest in Block 1711, a 90% working interest in Blocks 2713A&B and a 30% carried interest in Block 2815. These oil and gas concessions are off-shore Namibia, Africa.
The 2713 and 2815 Blocks are located in the Orange Basin, adjacent to the Kudu gas fields with an estimated reservoir of 3 TCF. Universal is working with consultants to bring a strategic working partner into these blocks in order to develop leads and carry out drilling.
In keeping with the Company’s business plan, Universal has made the decision to divest itself of all Uranium assets. In this regard, the Company has not renewed the Uranium options at Havoc, Ontario and Tanzania, Africa. The Company owns the Uranium property at Great Bear Lake, NWT and is actively looking for a buyer.
About Universal Power Corp.
Universal Power Corp. and its BEE partner are positioned as an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy.
ON BEHALF OF THE BOARD OF DIRECTORS
Knowledge Katti, Director
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Universal Power Corp. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, changes in business strategy, regulatory requirements, demand for our resources, competition and dependence on key personnel. These risks, as well as others, could cause actual results and events to vary significantly. Universal Power Corp. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.
Shares Outstanding: 55,066,671
(c) 2008 Marketwire. Provided by ProQuest LLC. All rights Reserved.