Uranium Power Corporation: Progress Report Athabasca Oil Prospect, Fort McMurray Alberta.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--Jan. 17, 2003 Uranium Power Corporation (OTCBB OTCBB See OTC Bulletin Board (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 P. ENG Professional Engineer P. ENG process engineer . to swab down the entire well to near atmospheric pressure atmospheric pressure or barometric pressure Force per unit area exerted by the air above the surface of the Earth. Standard sea-level pressure, by definition, equals 1 atmosphere (atm), or 29.92 in. (760 mm) of mercury, 14.70 lbs per square in., or 101. 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 bi·tu·mi·nous adj. 1. Like or containing bitumen. 2. Of or relating to bituminous coal. Adj. 1. bituminous - resembling or containing bitumen; "bituminous coal" 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. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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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