CALGARY, Aug. 16 /CNW/ - Universal Power Corp. (TSXV:UNX) ("Universal" or the "Company") today announced the Ministry of Mines and Energy of the Republic of Namibia ("MME") has granted an extension for the first phase of the Company's work program on Petroleum Exploration License ("PEL") 2815 (constituting offshore Blocks 2815, 2816, and 2915). The extension is for a one-year period and expires September 22, 2011.
"Since taking over operatorship of PEL 2815 late last year, we have made significant progress in confirming the prospectivity of the three blocks within the license area," said Mr. Gabriel Ollivier, CEO of Universal Power Corp. "We presented our most recent technical findings to the MME during our last two Technical Advisory Committee ("TAC") meetings, and we will now proceed with the next phase of investigation, including seismic acquisition and other regional and lease-specific work. We remain committed in working with our Namibian partners in accelerating the discovery of crude oil reserves in the country, thereby fostering regional energy independence and strong and sustainable economic growth. By granting the extension to our work program, the MME continues to show confidence in our abilities and overriding objective of growing the Company alongside Namibia's emerging oil and gas sector."
As part of the extended first phase work program, Universal plans to proceed with technical evaluation on PEL 2815, consisting of existing 2D seismic interpretation, construction of a 3D compositional petroleum model and mapping of prospects, leading to defining the specific area in which to acquire a new 3D seismic survey. Once mapped, Universal will commission an independent third-party resource evaluation on the three blocks.
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.
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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.
SOURCE UNIVERSAL POWER CORP.
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