VANCOUVER, BRITISH COLUMBIA -- 12/31/09 -- Universal Power Corp. (TSX VENTURE: UNX)(FRANKFURT: 3U2A) (the "Company") announced today that it has completed the purchase of an additional 60% interest in Petroleum Exploration Licence ("EL") 2815 off-shore Namibia subject to TSX Venture Exchange ("TSX-V") approval.
Upon completion of this transaction, the Company now controls 90% of the issued and outstanding common shares of Namibia Industrial Development Group (Pty) Ltd, ("NIDG"). NIDG has the oil and gas exploration licence to explore block number 2815 and the off-shore portions of blocks 2816 and 2915 Namibia, Africa.
About Block 2815
EL 2815 covers an area of about 10,858 square kilometers situated directly east of the proven Kudu Gas Field and slightly north of the Orange Basin, offshore Namibia. The block is located along the Namibian border with South Africa where there is a large market for natural gas and the planned development of a natural gas processing plant. Historical work on block 2815 includes a modern seismic survey over approximately 50% of the block. The Company is currently evaluating the existing data and work towards attracting third parties to participate in drilling.
Terms
Pursuant to the terms of the Letter of Intent dated July 07, 2009 the Company has acquired from Limpet Investments (Proprietary) Limited ("Limpet") 60% of the issued and outstanding common shares of NIDG which currently holds the licence to explore Block 2815. As consideration for the 60% of NIDG, the Company has paid Limpet US $1,000,000 and will issue 3,000,000 common shares of the Company at a deemed price of $.58 per share. Shares issued will be subject to a four month hold period. Universal now controls 90% of NIDG through its 100% controlled subsidiary Cumoxi Investments (Pty) Ltd.
About Universal Power Corp.
Universal Power Corp. (www.universalpowercorp.com) is an independent oil and gas exploration and development company with broad based Black Economic Empowerment partnerships, trading its common shares publicly on Canadian and German exchanges. The company currently holds interests in 6 Blocks of offshore concessions covering over 32,000 sq km in Namibia, West Africa.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director & CEO
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.
Shares Outstanding: 75,934,546
Neither 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.
Contacts:
Universal Power Corp.
Barry Swanson
Director & CEO
(778) 997-4925
Email: barry@universalpowercorp.ca
Source:earthtimes.org/
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