"UNX" TSX-V "3U2A" Frankfurt Shares Outstanding: 100,640,032
CALGARY, Aug. 19 /CNW/ - Universal Power Corp. ("Universal" or the "Company") today announced second quarter operational and financial results for the period ending June 30, 2010.
"The first half of 2010 has been extremely encouraging and productive for Universal," said Mr. Gabriel Ollivier, CEO of Universal Power Corp. "During the quarter, we continued our work towards assembling what we feel is a world-class asset base of offshore acreage in the Republic of Namibia. We received the first of our prospective resource estimates and anticipate future estimates of similar promise and prospectivity on the remainder of our acreage in the coming year. We have also added key members to management and our Board of Directors, adding to the depth and breadth of our team."
"We truly believe that Namibia is the next oil frontier. Having recently returned from the country where we were able to meet with a variety of stakeholders, including the Ministry of Mines and Energy, we remain committed to the development of the country and its resources. As an early-stage company, we are in a unique position to grow the company alongside the Namibian energy sector. Our highly prospective assets, strategic joint venture partnerships, and the length and quality of our in-country development have provided us with an opportunity to unlock the potential of this frontier basin."
Highlights from the quarter include:
- Receipt of unrisked mean prospective resources for Block 2713A
targeted to be 2.39 billion barrels of oil equivalent, as per
independent third-party estimates from DeGolyer & MacNaughton, and
risked mean prospective resources for the Block targeted to be 567
million barrels of oil equivalent (converting gas to oil at 6 Mcf:1
- The renewal of the Petroleum Exploration Licence ("PEL") for Block
1711, offshore Namibia.
- The Company being awarded a PEL for Blocks 2813A, 2814B and 2914A,
offshore Namibia, with a 40% working interest
- The finalization of the purchase of Namibia Industrial Development
(Pty) Limited ("NIDG"), with the issuance of 3,000,000 shares of
Universal, resulting in an increase in ownership from 30% to 90% in
Blocks 2815, 2816 and 2915
- A second quarter net loss of $816,077, with a loss per share of $0.01
These highlights along with other operational and financial details are discussed further in the Company's second quarter financial statements and management discussion and analysis which can be accessed at www.sedar.com.
About Universal Power Corp.
Universal Power Corp. is an oil and gas company focused on building a portfolio of high impact exploration targets in offshore Namibia, Africa. The Company has approximately 52,000 gross square kilometers of Namibian offshore concessions along the prolific South Atlantic Margin. The Company has a newly expanded managerial and technical team supported by strong Namibian partnerships, and is thus well positioned to make a significant contribution to the exploration and development of Namibia's offshore oil and gas concessions.
On Behalf of the Board of Directors
of Universal Power Corp.
For further information visit our website at www.universalpowercorp.com
Sedar Profile No. 00016276
Forward Looking Information
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. A barrel of oil equivalent conversion ratio of 6 Mcf : 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE UNIVERSAL POWER CORP.
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