Progress Report; Project Overview.CALGARY, Alberta -- Uranium Power Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :URMP) Thornton Donaldson, President is please to report that the Company is making significant progress with its three core business units, being the Pasquia Hills Oil Shale oil shale Any fine-grained sedimentary rock that contains solid organic matter (kerogen) and yields significant quantities of oil when heated. This shale oil is a potentially valuable fossil fuel, but the present methods of mining and refining it are expensive, damage the Project, Firebag East Oil Sands Project, and Energy 51's development well drilling Well drilling is the process of drilling a hole in the ground for the extraction of a natural resource such as ground water, natural gas, or petroleum. Drilling for the exploration of the nature of the material underground (for instance in search of metallic ore) is best described programs. Mr. Donaldson notes " the Company is entering an aggressive period of exploration and development over the next several months with significant results pending on all three programs. I thank all our shareholders for their patience and support while these programs have been financed and put together with senior personnel and consultants. I believe the Company is now well positioned to benefit as each program delivers their initial results over the coming months." ANNUAL GENERAL MEETING The Company will be holding its annual general meeting on Monday, November 1st at 10 am Pacific in the Board Room located at Suite 200, 475 Howe Street Vancouver BC. It intends to change its name, subject to shareholder approval, from Uranium Power Corporation to CanWest Petroleum Corporation which is reflective of its commitment to oil and gas projects based in Western Canada
Western Canada, commonly referred to as the West . This will, on approval, necessitate changing the Companies CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. # at the same time. PASQUIA HILLS OIL SHALE PROJECT- 1,000,000 ACRES Simulation distillation tests have confirmed that 90% of the liquids distilled at 450 degrees Celsius were 76.7% hydrocarbon with a 14.1 API gravity The American Petroleum Institute gravity, or API gravity, is a measure of how heavy or light a petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water; if less than 10, it is heavier and sinks. that contained 59% aromatics. Further tests are on going including the Taciuk Process, Rock Eval, and PIONA PIONA Paraffins, Isoparaffins, Olefins, Naphthenes, and Aromatics , material balancing, Advanced Fisher Assay and others. While the results to date are very encouraging, it is too early for a summary recommendation as to the preferred method of primary separation of shale oil shale oil Synthetic crude oil that is extracted from oil shale by pyrolysis, or destructive distillation. The oil obtained from oil shale cannot be refined by the methods that have been developed for crude oil, however, because shale oil is low in hydrogen and contains large from the Pasquia Hills oil shale. The Company is also in discussion with industry partners at this time. ENERGY 51 DRILLING PROJECTS Energy 51, the operator, advises that the initial well for the Sylvan lake Sylvan Lake can refer to: Communities:
In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. per year from all 4 wells. Under the terms of the Company's joint venture with Energy 51, it has agreed to participate as to 33% cost for a 25% working interest in a second project known as Barrhead which is a natural gas development play with a potential for four wells. Details of the project will be released in the near future. EARTH ENERGY LICENSE AGREEMENT The Company is pleased to report that it has reached agreement in principle to amend the August, 2003 license agreement with Earth Energy Inc whereby it will now receive a net profits and a royalty interest royalty interest The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. as well as the use of the catalyst and equipment at cost with related fees. Details of the amendment will be released on receipt of signed documents. FIREBAG EAST OIL SANDS PROJECT - 1,400,000 ACRES As previously reported in the Company's news release of October 21, the Firebag East Project has been vended into an operating subsidiary company called Oilsands Quest Inc. which is a Calgary based private company with an experienced exploration and development team who have extensive experience in Athabasca Oil Sand Projects. After its initial funding of $5 million, which is forecasted to be completed by the end of November, Oilsands Quest will initiate a winter drilling program consisting of more than 20 wells. The Program will be underway in December of this year. Under the agreement with Oilsands Quest Inc. Uranium Power will recover its investment of $1,550,000 (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. ), remain the majority shareholder of Oilsands Quest, and retain the right for future finance. SUMMARY Uranium Power Corporation is a unique oil and gas company with exposure to significant upside value from two large world-class projects with potential for several billion barrels oil resource while developing a sustainable production cash flow from traditional oil and gas development drilling. For in depth reports and information www.apioil.net Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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