CALGARY, Aug. 9 /CNW/ - Universal Power Corp. (TSXV:UNX) ("Universal" or
the "Company") today provided an overview of recent activities with
detail on the Company's Technical Advisory Committee ("TAC") meeting
with the Ministry of Mines & Energy ("MME") of the Republic of Namibia,
Africa. The MME approved the Company's proposed 2010 budgets for
Petroleum Exploration License ("PEL") 2713 (constituting the offshore
blocks 2713A and 2713B) and PEL 2815 (which includes offshore blocks
2815, 2816, and 2915).
"As a shareholder, local partner and Director of Universal, I am truly
pleased to report on the progress of our efforts in placing Namibia on
the world stage of hydrocarbon exploration and development," said Mr.
Knowledge Katti, Namibian Director of Universal Power Corp. "Bringing
the science, technology, skill, and now the capital to Namibia, the
Universal team is well positioned to prove up the exploration potential
of the country and specifically for Universal acreage. The scientific
evidence assembled to-date suggests the potential for crude oil
discoveries similar in size to those in Angola to the north, and in the
conjugate margin in Brazil."
"Further to the advancement of Namibia, Universal remains aligned in
encouraging energy independence, which has become an important national
goal for the country. The Company also provides Namibian shareholders
opportunity to participate in the exploration and development of their
country's resources. Namibian companies have historically had
difficulties in raising the capital required for exploration activities
and depend on foreign investors to access the capital markets. Universal
has a unique model whereby Namibian shareholders are part of the
company, providing joint access to capital. The Namibian pension funds
and the Namibian Stock Exchange are in early stages and not prepared to
take on risk inherent to exploration projects. The Universal model will
serve Namibian entrepreneurs well and encourage further direct foreign
investment in the country."
The TAC meetings provide operators the opportunity to regularly work and
consult with the MME, and to report findings to-date, expenditures,
procedures and prospective plans. These meetings make certain
that ongoing, constructive dialogue is maintained between operators and
the MME and ensures that their technical team agrees that any
exploration activity being done is suitably conducted.
Mr. Curtis Evert, Universal's Vice-President Exploration and New
Ventures, began the TAC presentation by reviewing findings to-date on
the two PELs. The main focus of the presentation was the recent receipt
of detailed and highly conclusive geochemical findings along with
results from 11 satellite surveys monitoring naturally occurring crude
oil slicks in the Orange Basin, home to both PEL 2713 and PEL 2815.
The results presented by Mr. Evert prove the existence of two separate
regional source rocks. From the Company's satellite survey work, there
was a total 40 repeated crude oil slicks observed in the regional
surveys, clearly illustrating an active regional crude oil system. These
observations and conclusions show that there is more to the Orange Basin
than just natural gas reservoirs.
Mr. Evert provided the MME with Universal's near-term plans to process
approximately 1,100 kilometers of 2D seismic data targeted for September
2010, with further purchases of 2D seismic data planned. In addition,
Universal also stated its commitment to have a 3D compositional model
complete before year-end 2010, and to acquire 3D seismic data in the
Universal updated the MME on the completion of a CAD$20 million
(approximately $140 million Namibian Dollars) prospectus offering, with
all proceeds earmarked for spending on the Company's Namibian
concessions. Universal reaffirmed the Company's objective to build upon
the highly successful and encouraging prospective resources report
performed by independent third-party DeGolyer & MacNaughton (compliant
with Canadian Securities National Instrument 51-101), indicating 2.39
billion barrels of oil equivalent unrisked (using a 6:1 conversion
factor) for Block 2713A. Given the quality of Universal's findings
to-date, it is the Company's hope that a joint venture partner will be
secured before year-end 2010, to accelerate the advancement of the
Company and its Namibian partners.
Finally, Universal advised of its commitment to assist in the
development of a thriving upstream hydrocarbon industry in Namibia. In
pursuit of this goal, both by contribution to the country's Petrofund,
and providing technical training for Namibians, the Company is in the
process of expanding its Windhoek-based office, extending offers to
local staff, and is initiating a search for technical employees and
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 more than 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.
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.
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.
For further information: For further information:
Maria Elliott, VP Finance & CFO
Telephone: (403) 984-6430
David Feick, Investor Relations
Telephone: (403) 218-2839
Heidi Christensen Brown, Investor Relations
Telephone: (403) 218-2833