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| Jul 08, 10 • Universal Power Corp. Announces the Closing of its Previously Announced Equity Offering READ MORE |
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| Jun 18, 10 • Universal Power Corp. Announces Pricing of Equity Offering READ MORE |
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| Jun 17, 10 • Universal Power Corp. Announces Equity Offering READ MORE |
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Jul 08, 10 Calgary, Alberta, Canada – July 8, 2010 Universal Power Corp. (TSXV:UNX) ("Universal" or the "Corporation") is pleased to announce it has closed its previously announced marketed public offering (the "Offering") of common shares of Universal (the "Common Shares"). The Offering was led by Cormark Securities Inc. on behalf of a syndicate of underwriters including Macquarie Capital Markets Canada Ltd., Clarus Securities
Inc., FirstEnergy Capital Corp. and Raymond James Ltd. (collectively, the "Underwriters"). The Offering consisted of 11,430,000 Common Shares (the "Offered Shares") at a price of $1.75 per Offered Share for aggregate gross proceeds of approximately $20.0 million. The Underwriters have also been granted an overallotment option to purchase an additional 1,714,500 Common Shares, equal to up to 15% of the Offered Shares,
exercisable at any time, in whole or in part, up to 30 days from the date hereof.
Net proceeds of the Offering will be used to fund Universal’s ongoing exploration activities in Namibia, Africa, including the acquisition of seismic data.
The Offered Shares are listed and posted for trading on the TSX Venture Exchange.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction outside of Canada, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares offered have not been, and will not be, registered under the 1933 Act, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
Additional information on Universal may also be examined and/or obtained through the internet by accessing the Corporation’s website at www.universalpowercorp.com.
Media file |
Jun 18, 10 Calgary, Alberta, Canada – June 18, 2010
Universal Power Corp. (TSXV:UNX) (“Universal” or the “Corporation”) is pleased to announce that it has priced its previously announced marketed public offering (the "Offering") of common shares of Universal (the "Common Shares"). Pursuant to the Offering, the Corporation
will issue 11,430,000 Common Shares at a price of $1.75 per Common Share for gross proceeds of approximately $20.0 million. The Offering is being led by Cormark Securities Inc. on behalf of a syndicate of
underwriters including Macquarie Capital Markets Canada Ltd., Clarus Securities Inc., FirstEnergy Capital Corp. and Raymond James Ltd. (collectively, the Underwriters"). Pursuant to the terms of the Offering, the
Corporation has agreed to grant the Underwriters an over-allotment option to purchase an additional 1,714,500
Common Shares, equal to up to 15% of the Common Shares sold pursuant to the Offering, exercisable at any time, in whole or in part, up to 30 days from the closing of the Offering.
Net proceeds of the Offering will be used to fund Universal’s ongoing exploration activities in Namibia, Africa, including the acquisition of seismic data and for general corporate purposes.
The Common Shares will be sold publicly in all provinces of Canada (other than Québec) and on a private placement basis in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the "1933 Act") and such other jurisdictions as may be agreed to by the
Corporation and the Underwriters.
The Offering is scheduled to close on or about July 8, 2010 and is subject to certain customary conditions and regulatory approvals, including the approval of the TSX Venture Exchange.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction outside of Canada, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares offered have not been, and will not be, registered under the 1933 Act, or any state securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from the registration requirements of the 1933 Act and
applicable state securities laws.
Additional information on Universal may also be examined and/or obtained through the internet by accessing the Corporation’s website at www.universalpowercorp.com.
Media file |
Jun 17, 10 Calgary, Alberta, Canada – June 17, 2010
Universal Power Corp. (TSXV:UNX) (“Universal” or the “Corporation”) is pleased to announce that it has filed a preliminary short form prospectus in Canada in connection with a marketed public offering (the "Offering") of common shares of Universal (the "Common
Shares"). The Offering is being led by Cormark Securities Inc. on behalf of a syndicate of underwriters including
Macquarie Capital Markets Canada Ltd., Clarus Securities Inc., FirstEnergy Capital Corp. and Raymond James Ltd., (collectively the "Underwriters"). Pursuant to the terms of the Offering, the Corporation has agreed to grant the Underwriters an over-allotment option to purchase that number of additional Common Shares equal to up to 15% of the Common Shares sold pursuant to the Offering, exercisable at any time, in whole or in part, up to 30 days from the closing of the Offering.
The Offering will be priced in the context of the market with the final terms of the Offering to be determined at the time of pricing. The net proceeds of the Offering will be used to fund Universal’s ongoing exploration activities in Namibia, Africa, including the acquisition of seismic data and for general corporate purposes.
The Common Shares will be sold publicly in all provinces of Canada (other than Québec) and on a private placement basis in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the "1933 Act") and such other jurisdictions as may be agreed to by the
Corporation and the Underwriters.
The Offering is scheduled to close on or about July 8, 2010 and is subject to certain customary conditions and regulatory approvals, including the approval of the TSX Venture Exchange.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction outside of Canada, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares offered have not been, and will not be, registered under the 1933 Act, or any state securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from the registration requirements of the 1933 Act and
applicable state securities laws.
Additional information on Universal may also be examined and/or obtained through the internet by accessing the Corporation’s website at www.universalpowercorp.com.
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Jun 09, 10 Universal Power Corp. (“Universal” or the “Company”) today announced prospective resource estimates for the Company’s 90% owned 2713A Exploration Licence, representing approximately 16% of Universal’s net land position in offshore Namibia. The property is located on the boundary between the Luderitz and the Orange Basin in the southern portion of Namibia. The prospective resource estimates were provided by a third party independent report (the “2713A Evaluation”) supplied by DeGolyer and MacNaughton (“D&M”) of Dallas, Texas. The D&M Prospective Resource Evaluation Report for Block 2713A, effective April 1, 2010, was prepared in accordance with National Instrument 51-101 (“NI 51-101”), Sections 5.9 and 5.10 standards for review and assessment of prospective resources. Overall, D&M has reported an unrisked mean oil-equivalent prospective resource at Block 2713A of 2.39 billion BOE (converting gas to oil at 6:1), and a risked mean prospective resource of 567 million BOE.
“The 2713A Evaluation provides an independent resource evaluation and is an important step forward in Universal’s exploration program,” said Mr. Gabriel Ollivier, CEO of Universal Power. “The calculated probability of success of 23% for the Block makes for robust risked economics and supports our belief that there is significant crude oil to be found in offshore Namibia. We feel that collectively the defined prospective resource of Block 2713A, related scientific findings and the large structural features already mapped will be of significant interest to the world’s major oil and gas companies.”
Summary of Block 2713A Evaluation
Gross Unrisked and Risked Recoverable Resource Estimates for Namibian Block 2713A, as of April 1, 2010, Citing the Statistical Aggregate Outcome:
Of note, only a portion of Block 2713A has been mapped, leading to the identification of two oil prospects and two leads, all of which were reviewed by D&M for purposes of the resource report. The most significant prospect, Chimay, is a sub-salt equivalent play similar in age and geologic setting to the large Tupi and Jupiter discoveries made in the Santos Basin in offshore Brazil.
The 2713A Evaluation is authored by D&M independent consultant, Thomas C. Pence, P.E., registered in the State of Texas. The report has been prepared in accordance with Sections 5.9 and 5.10 of NI 51-101, and is based upon the authors’ review of technical data including geology, geophysics and reservoir parameters.
The full 2713A Evaluation Report is available on the Company’s website at www.universalpowercorp.com and is filed on SEDAR at www.sedar.com. Universal recommends that readers refer to the 2713A Evaluation in its entirety as it details the process for determining the resource estimate, the assumptions underpinning the modeling, and defines all of the technical terms used.
The resources described in the 2713A Evaluation and in this release are “undiscovered resources” as defined in the Canadian Oil and Gas Evaluation (“COGE”) Handbook. Undiscovered resources are defined as those quantities of oil and gas estimates on a given date to be contained in accumulations yet to be discovered. The estimate of the potentially recoverable portions of undiscovered resources are classified as prospective resources. Prospective resources are defined as those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations technically viable and economic to recover.
In accordance with Section 5.9 of NI 51-101, the Company declares that there is no certainty that any portion of these resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
Summary of the Block 2713A
The Company’s 90% owned subsidiary Kunene Energy (Proprietary) Limited holds the interest in the permit and the exploration concession, issued on August 30, 2007, by the Republic of Namibia, Ministry of Mines and Energy. The 2713A Block totals 5,481 square kilometers.
Exploration Risk
The 2713A Evaluation provides a discussion assessing the probability of geological success in undertaking a test well program on the 2713A prospect. The risk factors in assessing the probability are associated with source rock risk, migration risk, reservoir risk, closure risk, and containment risk, each of which are discussed in the 2713A Evaluation. A negative outcome from any one of, or a combination of, these risk factors has the potential for failure to discover economic concentrations of hydrocarbons.
3D Seismic Plan at Block 2713A
Universal is currently in the first exploration period which consists of four years of technical work. The Company plans on completing a 3D seismic program over the prospective areas that Universal currently has access to. The acquisition of seismic should be complete by March 31, 2011.
Other Information
About BOE
BOEs may be misleading, particularly if used in isolation. A BOE 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.
About the Authors of the Evaluation
DeGolyer and MacNaughton is an international petroleum consulting firm with offices in the United States of America, Canada and Russia, who specialize in evaluation of reserves and resources for major oil and gas companies, governments, financial institutions and the investment industry. DeGolyer and MacNaughton have conducted assessments of and for the largest petroleum and financial companies in the world. During seven decades, the firm has successfully performed studies on hundreds of thousands of petroleum properties in more than 100 countries.
Media file |
Jun 09, 10 Prospective Resource Evaluation Report for Block 2713A
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May 25, 10 Universal Power Corp. (“Universal” or the “Company”) today announced the appointment of Mr. Michael Black and Mr. Keith Turnbull to the Company’s Board of Directors (the “Board”). Both Mr. Black and Mr.Turnbull will be acting as independent directors.
Mr. Michael Black is the Managing Partner of Heenan Blaikie LLP’s Calgary energy-focused office, and is also a member of the firm’s seven-member national Executive Committee. Mr. Black has extensive legal experience in the energy sector, ranging from the negotiation and drafting of both domestic and international joint operating and joint venture agreements, the negotiation and execution of resource-based transactions, and other legal and commercial matters specific to the conduct of business in international jurisdictions. Mr. Black has recently acted as the lead counsel on several multi-billon dollar international energy merger and acquisition (M&A) transactions. In the past five years, he has led over 50 M&A deals. Mr. Black received his law degree (LLB) from the University of British Columbia in 1984.
Mr. Keith Turnbull recently retired from KPMG where he was a member of the accounting firm’s 12-member national executive management team, and most recently the Office Managing Partner of the practice’s Calgary office. Mr. Turnbull’s distinguished 38-year career in public practice included significant involvement with emerging international energy companies, and covered a broad spectrum of activities, including financial reporting, taxation planning, corporate governance, internal controls, auditing, public disclosure, and other assignments specific to oil and gas companies. Mr. Turnbull received his Chartered Accountancy (CA) designation in 1974.
“Mr. Black and Mr. Turnbull are both strategic thinkers. They bring a wealth of experience that will ensure expert planning and execution of our growth initiatives” said Mr. Gabriel Ollivier, President and CEO of Universal. “Their appointments have strengthened Universal’s ability to manage both challenges and opportunities, and their independence further supports our commitment to best practices in corporate governance.”
Consequential to the above-mentioned appointments, the Company also wishes to announce that it has granted incentive stock options to certain directors for the purchase of a total of 600,000 common shares of the Company at a price of $2.00 each valid until May 21, 2015. The options are being granted pursuant to the terms of the Company's stock option plan.
In accordance with the Company’s articles of incorporation, the Company has increased the required membership of its Board from six to eight members. The directors of the Company will hold office until the next annual general meeting of the Company where they may stand for re-election by the shareholders.
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May 20, 10 Universal Power Corp. (“Universal” or the “Company”) a junior resource company focused on oil and gas exploration in Namibia, Africa, today announced the filing of their First Quarter financial statements and MD&A for the quarter ended March 31, 2010, with the Canadian securities regulatory authorities on the System for Electronic Document Analysis and Retrieval (“SEDAR”). An electronic copy of these documents may be obtained on Universal’s SEDAR profile at www.sedar.com and on Universal’s website at www.universalpowercorp.com.
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May 17, 10 Universal Power Corp. (“Universal” or the “Company”) announced today that it has been awarded a Petroleum Exploration Licence (“PEL”) for the offshore Namibian blocks 2813A, 2814B, and 2914A by the Ministry of Mines and Energy (“MME”) of the Republic of Namibia. Universal will have a 40% working interest in the blocks; HRT O&G Exploração e Produção de Petróleo Ltd. (“HRT O&G”) will have a 40% working interest, and Acarus Investments
(Proprietary) Ltd., will have a 20% participating interest. The designated operator of the blocks is HRT O&G.
“This award adds three strategically important blocks to our portfolio and is being done in partnership with HRT O&G, the world’s premier experts along the offshore South Atlantic margins,” said Mr. Gabriel Ollivier, President and CEO of Universal. “Given the extensive field
work we have conducted in assessing the regional and lease-specific prospectivity of the Orange basin, securing blocks 2813A, 2814B, and 2914A is key to our regional land position, which now stands at over 42,000 square kilometers of contiguous acreage.”
Mr. Duane Parnham, Universal’s Chairman said, “These blocks add to our growing asset base with an agreement that enables us to partner with the company that predicted some of the world’s largest pre-salt oil discoveries. HRT O&G’s experience and expertise in techniques that maximize the probabilities of success materially adds to the likelihood that we will succeed in
finding Namibia’s large offshore oil pools. In addition to mitigating exploration risk, Universal’s partnership with HRT O&G will significantly reduce our net risked capital exposure by sharing costs associated with the data acquisition and scientific work that will precede the drilling of any wells. HRT O&G also brings strategic relationships with many of the world’s major oil and gas
companies that could lead to further partnering opportunities.”
About Blocks 2813A, 2814B, and 2914A
The blocks collectively span an area of 15,382 square kilometers (1,538,200 hectares, or 3,789,094 acres). The three blocks are contiguous, and are positioned immediately west and diagonally southwest of the large Kudu gas discovery, located in the southern portion of the Namibian offshore leases in what is geologically known as the Orange basin. In addition, the
three blocks link to Universal’s 90%-owned 2713A and 2713B blocks to the north, and 90%-owned 2815 to the east.
The PEL for blocks 2813A, 2814B, and 2914A has three phases, with the agreement effective May 14, 2010. Phase 1 spans four years, with work program commitments focused on assembly, interpretation, and mapping of existing 2D and 3D seismic data followed by new
acquisition of seismic data. Additional techniques may also be employed that will add to detailed satellite oil slick detection, geotechnical, and geochemical field work that has already been done by or on behalf of Universal in the Orange basin. The estimated gross cost of the first four-year
phase is US$8,500,000. Phases 2 and 3 are each renewable for a two year period, and carry a commitment to drill one well during each phase.
About HRT O&G
HRT O&G is an oil and gas company based in Rio de Janeiro, Brazil, and is a wholly-owned subsidiary of HRT Participações em Petróleo S.A. (“HRTP”). The HRT O&G team is led by Dr. Marcio Mello, who founded HRT Petroleum in 2004 after a very successful 24-year career at Petrobras, which included a 17-year span running the technical centre of excellence of Petrobras-CEGEQ. From 2004 until mid-2009, Dr. Marcio Mello was the CEO of HRT Petroleum, which was strictly a geologic consultancy company with the biggest geoscientific lab in the southern hemisphere. Over the years, the HRT team has gained global recognition for
their expertise in building fully-integrated 3-D compositional petroleum system basin models, putting full use of investigative techniques based on geochemistry, biostratigraphy, seismic interpretation, structural geology, oceanography, and biology, in their efforts to reduce
exploration risk. The HRT team is credited, among their many accomplishments, with predicting hydrocarbon presence in the pre-salt of Brazil's Santos basin, which led to the giant Carioca and Tupi oil discoveries. The services offered by HRT Petroleum continue to exist through Integrated Petroleum Expertise Co. (“IPEX”), which is now another wholly-owned subsidiary of HRTP. Universal has a Services Agreement with IPEX on blocks 2713A and 2815 and expects the work contained in the agreement to be completed in June, 2010.
Media file |
Apr 15, 10 Universal Power Corp. (“Universal” or the “Company”) announced today that Ms. Maria Elliott has been appointed as the Company’s Vice-President, Finance and Chief Financial Officer. Mr. Barry Swanson, Universal’s current Chief Financial Officer and Director, has resigned in both capacities and will remain with the Company until April 30, 2010, to help ease the transition of responsibilities.
“Universal continues to build its management team with seasoned professionals while in the process of moving its headquarters from Vancouver to Calgary. As Canada’s oil and gas hub, Calgary offers world class access to geo-science, engineering, and financial expertise specific to the industry. The hiring of Ms. Elliott is an excellent example of the city’s talent pool, as her background and understanding meets every skill set and experience we had hoped for as we sought to replace Mr. Swanson. In particular, her professional experiences at Sherritt International were key attributes to her hiring, as the company evolved from exploration to becoming a major producer in Cuba and early stage producer in other countries”, said Mr. Gabriel Ollivier, CEO of Universal.
Universal’s Chairman, Mr. Duane Parnham, stated “We want to thank Mr. Swanson for his many contributions over the past three years, in helping to build Universal’s dynamic portfolio of growth opportunities. Mr. Swanson has indicated his interest in returning to the fund management industry and we respect his decision to step down from the Board to avoid any potential conflicts of interest. We wish him all the best in his future endeavors.”
Ms. Elliott is a Certified General Accountant with over 17 years of oil and gas financial and reporting experience, of which 15 years are specific to international operations. Prior to joining the Company, Ms. Elliott was the CFO and Controller of Action Energy Inc. She also held the respective positions of Chief Internal Auditor and Controller at Sherritt International. Ms. Elliott has set up international offices, negotiated with government officials, implemented and monitored internal controls locally and internationally, including compliance and risk management, and has been a leader in all areas of financial reporting.
Universal also wishes to announce that it has granted incentive stock options to certain consultants and officers for the purchase of a total of 500,000 common shares of the Company at a price of $2.27 each valid until April 14, 2015.
Media file |
Apr 08, 10 Universal Power Corp. (“Universal” or the “Company”), a junior resource company focused on oil and gas exploration in Namibia, Africa, today announced the filing of their annual financial statements and annual MD&A for the year ended December 31, 2009 with the Canadian securities regulatory authorities on the System for Electronic Document Analysis and Retrieval (“SEDAR”). An electronic copy of these documents may be obtained on Universal’s SEDAR profile at www.sedar.com and on Universal’s website at www.universalpowercorp.com.
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Apr 05, 10 Universal Power Corp. (“Universal” or the “Company”) announced today the renewal for Petroleum Exploration License Block 1711 was granted by the Ministry of Mines and Energy (“MME”) for the Republic of Namibia, for an additional two year period. The renewal notice dated 1 April 2010 confirms that UNX will maintain a carried interest throughout the next phase of the property’s evaluation.
“Preliminary results presented to-date for Kunene #1 well located within Block 1711 clearly suggest the regional presence of a large hydrocarbon-charged reservoir. The two year renewal period will provide sufficient time for the block’s participation group to perform the planned work program in following up on the very encouraging results achieved to-date on the concession,” said Mr. Gabriel Ollivier, CEO of Universal Power.
Ownership in Block 1711 is distributed between Nakor Investments Limited, an affiliate of the Sintez Group LLC (70% working interest), EnerGulf Resources Inc (10% working interest), PetroSA (10% working interest), NAMCOR (7% carried interest) and Kunene Energy (Pty) Ltd. (3% carried interest). Universal owns 90% of Kunene Energy (Pty) Ltd.
About Block 1711 and Kunene Well #1
Block 1711 is situated in the Namibe basin off the northern coast of Namibia along the international boundary with Angola. Two separate exploration prospects, the Kunene and Hartmann, have been identified by seismic data on the 893,100 hectare (2.2 million acre) block.
In fulfillment of the work program specified in the initial four years of the Exploration License, the Kunene #1 commenced drilling in April 2008. On August 6, 2008, the drilling and logging operations on the Kunene #1 were completed to a total depth of 5,050 meters below sea level, so as to assess three prospective zones, being the Albian, the Aptian, and Barramian-aged zones. The MME enforced a “tight hole status” during the drilling and testing of the well, and retained the well results as confidential for approximately one year subsequent to the rig release.
On July 21, 2009, the MME released summarized results on the Kunene #1 well. While testing issues and concerns over reservoir quality around the borehole were addressed, the MME was nonetheless encouraged by the PetroAlliance Service Co. of Moscow’s view (a subsidiary of Schlumberger), being that there appears to be the possibility of a large gas accumulation of up to 14 TCF between 4,698 and 4,748 meters (this estimate not being compliant with NI 51-101).
Media file |
Mar 18, 10 Universal Power Corp. (“Universal” or the “Company”) an oil and gas company focused on exploration in Namibia, Africa, today announced that it has retained The Equicom Group Inc. to provide strategic investor relations and financial communications services for the Company.
Under the terms of the agreement, Universal Power will pay Equicom a monthly retainer fee of $6,000 for select strategic communications services. The initial contract term is for 12 months and commences immediately.
Neither Equicom nor any of its principals have an ownership interest, directly or indirectly, in Universal Power or its securities, and Universal
Media file |
Feb 09, 10 Universal Power Corp. (”Universal” or the “Company”) is pleased to report the following management and Board appointments: Mr. Gabriel Ollivier is appointed as the Company's new Chief Executive Officer (CEO), and Mr. Curtis Evert has been appointed as the Vice-President (VP), Exploration and New Ventures. Mr. Barry Swanson, C.A., until recently serving as CEO, will remain with the Company as the Chief Financial Officer (CFO). Mr. Mauro Baessato will assume the position of the Company’s Corporate Secretary. In addition, Mr. Mark Frewin joins the Company as a new independent member of the Board of Directors (the “Board”).
Mr. Gabriel Ollivier, the Company's new CEO, brings a wealth of capital markets and energy experience to Universal, and has helped many junior energy companies build successful and accretive growth platforms. His credentials were highlighted in the Company’s January 11, 2010 press release, which announced his appointment as a Board member.
Mr. Evert becomes the Company's VP, Exploration and New Ventures. He is a professional geologist with over 25 years of experience in the energy sector. Over the past 12 years, he has held various senior management roles with companies such as Marathon Canada, Sherritt International Corporation, and Husky Energy Corporation (Husky). Of particular importance to Universal, Mr. Evert has extensive experience in international oil and gas exploration and development, as well as an in-depth understanding of offshore drilling and field development. He has most recently overseen several large offshore deepwater discoveries made by Husky in the South China Sea.
Added to the Board is Mr. Mark Frewin of London, England. Mr. Frewin is a Partner at McCarthy Tétrault, and brings his extensive legal and commercial expertise to the Company’s Board. Mr. Frewin has a particularly strong background in dealing with international law. In addition, he has extensive experience in Africa, with specific knowledge of the legal environment in Namibia where he has served with Mr. Duane Parnham, Chairman of Universal, on the board of Forsys Metals Corp (FSY:TSX), a permitted emerging Namibian uranium producer.
Mr. Knowledge Katti, Universal’s in-country non-executive director and representative from the Company’s BEE partners states “I am pleased to welcome the new executives and our new director to the Board of UNX. Their long standing financial, legal, and energy sector expertise will not only be valuable to the Company in the current economic conditions, but also to the
Namibian economy as we move forward to untap the massive oil pools we know reside off our shores.”
Mr. Duane Parnham, Chairman of Universal, was quoted "Universal's strategy is ultimately very simple: assemble the best team possible to ensure that we maximize our chances of success in unlocking Namibia's massive offshore oil potential. The additions of Mr. Ollivier and Mr. Evert support this objective by launching the process of building an impressive in-house team based in Calgary, to complement our existing Namibian operations. Moreover, our ongoing advisory agreement with HRT Oil and Gas ensures we are getting the best possible scientific guidance and evidence to support our objective of securing farm-in partners during the upcoming risked capital phase of our program in offshore Namibia. Add our strategic in-country relationships with Black Economic Empowerment, the government of Namibia, and the state-owned energy company, NAMCOR, and it is clear that we are on track to meeting our near and intermediate term objectives. In terms of expert advisory, Mr. Frewin's addition to the Board adds a dimension of depth in preparation for what we expect to be a significant amount of interest in our 32,000 square kilometers of offshore acreage."
In recognition of the realignment of Mr. Barry Swanson to Chief Financial Officer, and Mr. Mauro Baessato to Corporate Secretary, Mr. Parnham further stated "Mr. Swanson and Mr. Baessato have been excellent in their roles these past 3 years, and the Board commends them for navigating the Company through a critical development phase. In the spirit of teamwork, I believe each member of the team recognizes the role in which they can be most effective in supporting the pursuit of success in Namibia, and as significant stakeholders, they both welcome our new energy-specific expertise along with us."
Consequential of the above-mentioned appointments, the Company also wishes to announce that it has granted incentive stock options to certain directors and officers for the purchase of a total of 900,000 common shares of the Company at a price of $1.00 each until February 9, 2015. The options are being granted pursuant to the terms of the Company's stock option plan.
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Feb 08, 10 Universal Power Corp. (“Universal” or the “Company”) is pleased to announce that the Company has been named as one of the TSX Venture 50, a ranking of strong performers listed on TSX Venture Exchange. TSX Venture 50 is comprised of 10 emerging companies in five industry sectors that have been identified as leaders in Canada’s public venture market.
“It is an honour to be named as part of this year’s TSX Venture 50,” said Barry Swanson, CEO of Universal. “This is a testament to the Company’s ability to create a business plan with milestones, achieve what we set out to do, and communicate to the shareholders effectively. Our listing on the TSX Venture Exchange has provided us with the ideal environment to meet the first phase of our goals and objectives and we look forward to continuing to execute on our business plan and achieve the next level of our growth targets.”
The 2010 TSX Venture 50 were selected based on four equally weighted criteria that include return on investment, trading, analyst coverage and market capitalization growth in Cleantech, Diversified Industries, Mining, Oil & Gas and Technology and Life Sciences sectors.
“We are pleased to celebrate the 2010 TSX Venture 50,” said John McCoach, President, TSX Venture Exchange. “These outstanding companies are proven leaders in their respective sectors and we are proud to have them listed on TSX Venture Exchange. We wish them all continued success.”
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Jan 11, 10 Universal Power Corp. (”Universal” or the “Company”) is pleased to announce the additions of Mr. Gabriel Ollivier and Mr. Mark Monaghan to the Company’s Board of Directors (the “Board”).
Mr. Ollivier brings a wealth of expertise to the Company’s Board in the areas of economics, finance, strategic planning and investor relations. He is currently an independent consultant, working with various for-profit and not-for-profit entities. Prior to this role, he spent nine years in the Canadian brokerage industry, most recently as a Managing Partner and Institutional Equity Salesman at Paradigm Capital Inc., and also as a Partner and Institutional Equity Salesman at Cormark Securities Inc. Based in Alberta, Canada, Mr. Ollivier’s primary focus at these dealers was on the development and growth of their presence in the energy and energy services business. Mr. Ollivier also spent 10 years in the oil and gas industry with Canadian Hunter Exploration Ltd, Crestar Energy Inc., and Murphy Oil Company Ltd. He has worked in various senior economic, planning and financial roles. He holds a Masters degree in Economics and a Bachelor of Commerce degree, both from The University of Calgary, and is also a Chartered Financial Analyst (CFA) and a Certified Management Accountant (CMA). Mr. Ollivier joins the Company as an Independent Director.
Mr. Monaghan is a business consultant with 17 years of institutional equities and public company experience. His career has spanned across the spectrum of corporate finance, corporate development, merchant banking, executive management and board appointments. He has worked in various senior capacities at TD Securities, Deacon Capital, CT Securities, Quest Capital, and has also been a strategic advisor to several publicly listed companies. Mr. Monaghan has extensive experience in international resource finance, corporate development and management strategy. He holds a Bachelor of Arts degree from Queen’s University and a Bachelor of Commerce degree from the University of Windsor. Mr. Monaghan joins Universal as an Executive Director.
Mr. Duane Parnham, Chairman of Universal, stated "We are pleased to welcome Mr. Ollivier and Mr. Monaghan to the Universal Power Board of Directors. The Company is currently at a critical crossroads in its development and these additions are another important step in ensuring we have the tools in place to maximize our chances of proving that the South Atlantic Margin’s massive oil pools indeed do reside in the largely unexplored offshore basin in Namibia. The fact is that there is 16 billion barrels of discovered oil in the more explored offshore region just to the
north in Angola, therefore, we are focused on the goal of ensuring our company will be a substantial beneficiary of Namibia’s large energy resource potential”.
Mr. Parnham further stated “In place, we now have important partnerships with Namibia’s state-held energy company, NAMCOR, the Government of Namibia, and Black Economic Empowerment groups and we also benefit from the technical expertise of HRT Petroleum, being a globally recognized expert of the South Atlantic Margin. HRT provides us with leading edge analytical tools, interpretation, and mapping, as proven by their substantial success in the offshore basins of Brazil, and this in turn will help us attract interested farm-in partners to our 32,000 square km of majority-owned and operated concessions.”
With the additions to the Board, the Company announces the resignation of Mr. Mauro Baessato, who will continue in the capacity of Chief Financial Officer. Mr. Baessato has served on the Board since February 2006, and the Company thanks him for his service in that capacity.
The Board additions are subject to formal approval from the TSX-V Exchange.
Media file |
Jan 11, 10 Universal Power Corp. (”Universal” or the “Company”) announced today that it has granted incentive stock options to certain directors and officers for the purchase of a total of 950,000 common shares of the Company at a price of $0.95 each until January 10, 2015. The options are being granted pursuant to the terms of the Company’s stock option plan.
Media file |
Dec 31, 09 VANCOUVER, B.C. Universal Power Corp. TSXV: UNX FSE: 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 covering over 32,000 sq km in Namibia, West Africa. With the assistance of HRT Petroleum, the Company has commenced with their technical work program to advance these blocks to discovery.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director& CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpowercorp.ca
Telephone: (778) 997-4925
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, and changes in business strategy, regulatory requirements, and 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.
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.
Media file |
Nov 06, 09 Written by Chamwe Kaira
The construction of the long-delayed gas-to-power Kudu project is expected to start early next year. The on and off project has been delayed for many years now and Namibians have been wondering if the project will ever see the light of day.
The good news came late this week when Gazprom International, the Russian gas company, said construction of the gas pipe is expected to start in January, next year. Kudu is expected to generate 800 megawatts of electricity.
Speaking at an African Oil conference in Cape Town this week, head of Gazprom International, Boris Ivanov, said Namibia had chosen Gazprom to set up a new consortium with Namcor and Tullow Oil to complete the historic project.
“We will build and will start the project in January that will be the first of a gas monetisation strategy that we are trying to implement in Africa in general and in Namibia in particular, ”Ivanov said in a speech obtained by the Economist this week.
Gazprom in June signed a memorandum of understanding with Namibia’s Namcor to help organise funding for the US$1.2 billion project.
The project involves pumping gas from the Kudu field about 170 km offshore to an 800 MW combined cycle gas power station at the coast in the south of the country.
It has been delayed due to disagreement over commercial terms, as well as technical difficulties in piping the gas.
Ivanov said Gazprom had agreed for Eskom to buy 500 MW of that power, with the remaining 300 MW to go to Namibia
“We have made an understanding on paper with Eskom about a power purchase agreement for the future electricity off-take from this project. Eskom wil be buying 500 MW and 300 MW will go to the Namibian government,” he said.
Experts say it would take up to 36 months from the signing of the deal to produce the first gas.
The financing of the project is expected to be undertaken by Gazprom Bank of Russia and a pool of international lenders.
Leading Russian companies including Technostroiexport and Stroitransgaz are also expected to look at the project.
In July, Sintezneftgaz, a Russian explorer, made a potential gas discovery of as much as 14 trillion cubic feet in the Kunene prospect off the coast of Namibia.
The Kunene-1 well is the first to be drilled in Block 1711 over the Kunene prospect, Immanuel Mulunga, petroleum commissioner in the ministry of mines and energy said.
If the gas-reserve estimate proves positive, it will be bigger than the Kudu gas fields, which contain reserves of about 1.3 trillion cubic feet, it said.
Media file |
Oct 20, 09 VANCOUVER, B.C. Universal Power Corp. (the "Company") has closed the second and final tranche of its non-brokered private placement previously announced on July 7, 2009, through the issuance of 6,005,000 common shares at a price of $0.50 for total gross proceeds of $3,002,500.
Upon closing of the first tranche on September 4, 2009, the Company raised gross proceeds of $1,600,000 through the issuance of 3,200,000 common shares at a price of $0.50 per share. Upon closing of the second tranche, the Company raised gross proceeds of $1,402,500 through the issuance of 2,805,000 common shares at a price of $0.50 per share. Finder’s fees of $80,625 have been paid in connection with this financing.
The shares issued are subject to a hold period of four months and one day from closing of each tranche.
In addition, the Company has settled a previously announced debt arrangement by the issuance of 843,750 common shares at a deemed price of $0.64 per share. These shares are subject to a hold period which expires on February 17, 2009.
The proceeds of these financing arrangements effectively strengthen the Company’s balance sheet and provide funding for ongoing exploration programs on our Namibian oil and gas concessions.
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 covering over 32,000 sq km in Namibia, West Africa. With the assistance of HRT Petroleum, the Company has commenced with their technical work program to advance these blocks to discovery.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director& CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpowercorp.ca
Telephone: (778) 997-4925
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, and changes in business strategy, regulatory requirements, and 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.
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.
Media file |
Sep 23, 09 VANCOUVER, B.C. Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”, or “Universal”) is pleased to announce that High Resolution Technology & Petroleum (“HRT”) of Brazil has commenced work on the first phase of the previously announced agreement dated July 7, 2009 (the “Agreement”).
Pursuant to the Agreement, initial sampling and evaluation of seismic data has begun for Blocks 2713A and 2815, with HRT staff conducting the necessary collection of data and samples. Dr. Nilo Chagas de Azambuja Filho, PhD, Vice President, HRT and Dr. Antonio Catto, Head of HRT geophysical group have just returned from Windhoek Namibia where they compiled the information necessary to provide comprehensive 3-D petroleum system evaluation and exploration risk assessment utilizing proprietary models and leading petroleum science techniques.
In furtherance of the development of the Namibia energy mandate, and in accordance with the memorandum of understanding dated April 3, 2009, Universal signed with the National Petroleum Corporation of Namibia (Pty.) Ltd. (NAMCOR), the Company confirms that discussions are also ongoing amongst Universal, HRT and NAMCOR. Mr. Knowledge Katti, Director of the Company is leading these discussions. The scope of the discussions are to facilitate the sharing of information, to optimize leads and to delineate the scope of resource contained on the Company’s primary concessions 2713A, and 2815. In the interest of advancing these efforts, the geochemical sampling of several key historical wells and the oil/condensate of the wells will be an integral component of the analysis. Universal expects that an independent report announcing the results of the HRT analysis will be delivered in coming months.
Block 2713A is owned by Universal’s 90% controlled subsidiary Kunene Energy (Pty) Ltd (“Kunene”) and Universal is in the final stage of increasing to 90% interest in Block 2815 through Cumoxi Investments (Pty) Ltd., a 100% owned subsidiary. The Company has a 3% carried interest in the 1711 well through Kunene.
Universal will review its strategic options to develop leads generated in the independent report and under the Agreement, HRT will also undertake to source potential partners. One such option the Company is considering is to carry out a series of presentations in the HRT booth and office, in Rio de Janeiro for November, 2009, coincident with the ICE Rio 2009 Conference and Exhibition of the American Association of Petroleum Geologists (the “AAPG “) in Brazil.
Barry Swanson, Chief Executive Officer of the Company stated “With recent discoveries offshore Sierra Leone and Uganda further validating the South Atlantic Margin Petroleum Systems theory, we at Universal are delighted with the ongoing effort put forward by HRT and their excellent team to advance our projects. With the cooperation of our partners, HRT and NAMCOR, and thereby the Government of Namibia, it is our goal to bring the same recognition of vast hydrocarbon opportunities to Namibia now enjoyed by several African nations”.
Dr. Marcio Rocha Mello, President of HRT stated “In most areas of the deep waters from the Brazilian South Margin Basins, exploration has just exploded with the discovery, in the last three years, in the pre-salt sequence, of four of the biggest oil fields found in the whole world. The fields encompassing more than 20 billion bbls of oils of reserves are the Tupi, Jupiter, Guará and Iará, oil fields. As activity has increased in the Brazilian southern marginal basins, it became clear that the African counterpart basins such Angola and Namibia would share similar petroleum systems and also similar hydrocarbon source potential. For example, in offshore Angola, almost 16 billion bbl of hydrocarbon reserves have been found, in the post-salt sequence, in the last 10 years. By contrast, although Offshore Namibia is a significant hydrocarbon province that could rival that of Brazil and Angola, the Namibian offshore basins are entirely unexplored.
Given this perspective, it is worth mentioning Universal’s very prospective concessions in offshore Namibia. Specifically, the blocks close to the Kudu fields where more than two TCF have been discovered about 20 years ago. In those areas, if we compare with its Brazilian counterparts, the petroleum potential could be as much as 2 to 3 billion barrels of reserves. The HRT team dedicated to developing the Namibian opportunity is able to draw on decades of experience in the Brazilian context.”
About HRT Petroleum
HRT Petroleum is considered the leading integrated geological, geochemical and geophysical service company in Latin America and West Africa. It possess a proprietary expertise in harnessing science and high resolution technology to bring to its clients a series of exploration tools unique in the evaluation and quantification of oil and gas prospective resources and also to assess and quantify exploration risk. HRT has the largest and most successful independent team of petroleum basin modelling geoscientists in the whole South Atlantic realm, with the most complete geological, geochemical and geophysical database. HRT team has a blend of highly experience professionals with more than 30 years of experience in petroleum exploration, former Petrobras team, and new generation of professionals allowing the combination of experience with leading edge technological expertise.
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 covering over 32,000 sq km in Namibia, West Africa. With the assistance of HRT Petroleum, the Company has commenced with their technical work program to advance these blocks to discovery.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director& CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpowercorp.ca
Telephone: (778) 997-4925
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, and changes in business strategy, regulatory requirements, and 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.
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.
Media file |
Sep 22, 09 Universal Power Corp. (the “Company”) is pleased to announce that it has entered into a shares-for-debt settlement agreement with Duane Parnham, wherein the Company proposes to issue 900,000 common shares to Mr. Parnham at a deemed price of $.60 per share in satisfaction of US$500,000 ( CDN $540,000) owed by the Company to Mr. Parnham.
Barry Swanson, Chief Executive Officer of the Company stated “Mr. Parnham provided an unsecured loan without interest to the Company in order to help meet our current contractual obligations with HRT Petroleum and preserve our capital. This has enabled us to reduce the distribution of the non brokered private placement at $.50 previously announced on July 7, 2009. As acting Chairman, Mr. Parnham is a valued resource in the development of our strategic objective of developing the Oil & Gas industry in Namibia and continues to demonstrate his commitment to Universal Power Corp.”
The proposed shares-for-debt settlement is subject to regulatory approval by the TSX Venture Exchange.
BY THE ORDER OF THE BOARD OF DIRECTORS
Barry Swanson, Director & CEO
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.
Media file |
Sep 08, 09 (Marketwire – September 08, 2009) - Universal Power Corp. (TSX VENTURE:UNX)(FRANKFURT:3U2A) (the “Company”) announced today that it has closed the first tranche of its non-brokered private placement of up to 8,000,000 common shares previously announced on July 7, 2009.
Upon closing of the first tranche the Company has raised gross proceeds of $1,600,000 through the issuance of 3,200,000 common shares offered at a price of $0.50 per share. The shares are subject to a TSX Venture Exchange hold period of four months and one day from closing of each tranche. A 3% finder’s fee is payable in cash to applicable finders.
The net proceeds of the offering will be used for satisfying the cash outlay for the HRT Services Agreement (previously announced on July 7, 2009) and general working capital.
About Universal
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 six 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, and changes in business strategy, regulatory requirements, and 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.
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.
For more information, please contact
Universal Power Corp.
Barry Swanson
Director & CEO
(778) 997-4925
Email: barry@universalpower.ca
Media file |
Aug 05, 09 Dear Shareholders, and Interested Parties,
The team at Universal Power Corp. wishes to bring to your attention the positive energy and development growth in Namibia, and offshore Namibia as indicated in this recent news article written by JO-MARÉ DUDDY.
Sincerely,
Barry Swanson
10.07.09
Tullow, Gazprom jump in Kudu bed
By: JO-MARÉ DUDDY
THE development of the Kudu Gas Field has been fast-tracked with Tullow Oil, majority shareholder in the project, confirming that they are considering Gazprom, the Russian natural gas giant with whom Government signed a memorandum of understanding (MoU) recently, as a partner in the N$14 billion project.
Tullow Chief Operating Officer Paul McDade was quoted in The Irish Times yesterday as saying they are prepared to cooperate with Gazprom or other partners to advance Kudu.
“We will be happy to work with any party that helps the commercialisation of the Kudu field,” McDade told the newspaper in a telephonic interview.
Time at Kudu is running out for Tullow. Spokesperson Martin Jackson told The Namibian that Tullow’s initial development period expires at the end of next month.
However, in terms of its petroleum license, Tullow can apply for a 25-year production period, which “shall be” approved by the Minister, Jackson said.
Tullow’s remarks come at a time when Government’s patience with the dragging development has clearly run out.
Speaking in Cape Town yesterday, Namibian Petroleum Commissioner Immanuel Mulunga said Government intends on selling Kudu’s gas exclusively if the project plans of current license holders Tullow Oil, Namcor and Itochu don’t commercialise soon.
“There is definitely a new impetus... 2013 is the date (we are targeting) for first gas to be produced,” Mulunga told Reuters on the sidelines of the African Energy Conference.
If the current Kudu gas-to-power project doesn’t get off the ground soon, Government will sell the gas to raise money on royalties and taxes, he said.
This is the second time in less than a month that Government threatens to take matters at Kudu, which was discovered more than 30 years ago, into its own hands.
Mines and Energy Minister Erkki Nghimtina told Parliament in June that if Kudu’s shareholders can’t reach consensus on the development, Namibia should take the bold step to simply extract the gas and export it.
“Currently the gas in the ground benefits no-one, but if we export it, Namibia will earn considerable income through royalties and taxes,” he said then. More importantly, Nghimtina added, Namibia will become a gas producing country, creating lots of new jobs and even associated industries.
During their visit as part of Russian President Dmitry Medvedev’s visit to Namibia two weeks ago, Gazprombank, the lending arm of Gazprom, signed an MoU with the National Petroleum Corporation of Namibia (Namcor), paving the way for the bank to finance the construction of an 800 MW power station at Walvis Bay, a pipeline and other infrastructure for Kudu to the tune of US$1,2 billion.
Both Namcor and the Ministry were reluctant to tie the MoU directly to Kudu, saying that Gazprom’s involvement will still have to be negotiated with the shareholders.
Gazprom, on the other hand, told the world it was a done deal.
“It is quite a nice, sexy little project”, Gazprom International Chief Boris Ivanov said in Windhoek.
A day afterwards, Ivanov told Reuters in Luanda that the firm was in advanced talks with Eskom to sign a power purchase agreement for the electricity to be generated at the combined cycle gas power station in the south of Namibia.
Under the agreement, Eskom would use 500 MW of the power generated, while Namibia would use the remaining 300 MW.
“We are at an advanced stage of talks with the South African national energy company ... (the contract) will become a guarantee for financing of the project by Gazprombank and a pool of international lenders ... mainly from the Middle East and in Lebanon in particular,” Ivanov said.
He said that while the company’s mandate was limited to organising the finances for now, it would also try to attract Russian contractors for the project, including Technostroiexport and Stroitransgaz.
Ivanov said Kudu’s declared deposits are estimated at 45 billion cubic metres and the construction would take up to four years.
“This is a pilot project ... to ensure the realisation of our concept of complex exploration from gas well to kilowatts, to the final consumer. This is what we are trying to do in Russia and other countries,” he said.
jo-mare@namibian.com.na |
Jul 22, 09 VANCOUVER, B.C.
Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) or (“Universal”) is pleased to provide a copy of a press statement released by the Government of Namibia regarding the Kunene No. 1 well at Block 1711. This release has been approved by the Government of Namibia pursuant to the terms of the “tight hole” status on this well. The Company has not verified the referred to resource and therefore the estimate may not be compliant with NI 51-101. Universal owns 90% of Kunene Energy referred to in the statement.
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
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpowercorp.ca
Telephone: (778) 997-4925
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, and changes in business strategy, regulatory requirements, and 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.
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.
Media file |
Jul 07, 09 VANCOUVER, B.C.Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) or (“Universal”) is pleased to announce that it has retained HRT Petroleum of Brazil (“HRT”) to conduct technical analysis on two of Universal’s blocks offshore Namibia.
Under the agreement, HRT will collect and analyze all existing and historical data for Blocks 2713A and 2815 and will source potential farm in partners. Block 2713A is owned by Universal’s 90% controlled subsidiary Kunene Energy (Pty) Ltd. Universal currently has a 30% carried interest in Block 2815 through Cumoxi Investments (Pty) Ltd., a 100% owned subsidiary.
Block 2713A is located next to Block 2714A owned by Enigma Oil & Gas (Pty) Ltd. In May of 2009, Petroleo Brasileiro S.A. (“Petrobras”), signed a Farm-in agreement for a 50% interest in Block 2714A. The terms were US $16 million cash plus reimbursement of past costs including 3D seismic. The technical work and data room for this project was managed by HRT.
Barry Swanson, Chief Executive Officer of the Company stated “This association with HRT Petroleum represents yet another milestone in the development of our Company. HRT works with the largest and most advanced off-shore oil and gas companies in the world. We are privileged that they have chosen to work with Universal in Namibia. This is a tremendous opportunity and I expect the beginning of a very successful partnership. In addition, the fact that Petrobras is active in our area is confirmation of our business thesis”.
Dr. Marcio Rocha Mello, President of HRT stated “After having worked extensively in Namibia for the last three years, it is an honor for HRT to have this association with Universal where HRT intends to apply its unique proprietary petroleum system technology in order to understand and quantify all the elements and processes of the petroleum system that are essential to identify and characterize the hydrocarbon potential in the Universal exploratory Blocks 2713A and 2815, offshore Namibia. The special location of both blocks closely associated with the Kudu field and directly related to two very important oil and gas hydrocarbon kitchens, located in the South and Western portions of the basin, gives the area a very special geological situation regarding the charge of oil and gas over the structures already envisaged. Based on the current and historical data already analyzed, I am very confident about the oil and gas potential on these blocks.”
Terms of Agreement
There are two components to the agreement. Under part one of the agreement, HRT will provide a technical and economic data package for Blocks 2713A and 2815. This will include, among others, oil slick satellite identification, seismic reprocessing and interpretation, 3D compositional petroleum system modeling, kudu condensate high resolution geochemistry characterization, reservoir geology (e.g. petrology and bioestratigraphy) and geochemistry using selected rock samples from already drilled adjacent wells, leads and prospect identification, definition and quantification of prospective resources, risk evaluation and predictive analysis of oil and gas quality. The price of this agreement is US $2,728,750 plus taxes and will be paid in cash with a US $300,000 deposit on signing. Under part two of the agreement, HRT will provide a data room at its office in Rio de Janeiro, following the work under part one of the agreements. The purpose of the data room will be to review the data packages with potential farm-in partners. The price of this agreement is US $1,500,000 and only payable on a successful farm-in assignment. The consideration for the US $1,500,000 will be in common shares of the Company and the share price will be the market value on the day of successful farm-in assignment. Shares issued will be subject to a four month hold period.
About HRT Petroleum
HRT Petroleum is considered the leading integrated geological, geochemical and geophysical service company in Latin America and West Africa. It possess a proprietary expertise in harnessing science and high resolution technology to bring to its clients a series of exploration tools unique in the evaluation and quantification of oil and gas prospective resources and also to assess and quantify exploration risk. HRT has the largest and most successful independent team of petroleum basin modelling geoscientists in the whole South Atlantic realm, with the most complete geological, geochemical and geophysical database.
Financing
The Company has arranged a non brokered financing for up to $4,000,000 through the issuance of up to 8,000,000 common shares at a price of $.50 per share. There is no warrant attached to this financing and the shares will be subject to a four month hold period. A 3% finder’s fee is payable in cash and the net proceeds will be used for satisfying the cash outlay for the HRT Services Agreement and general working purposes. This private placement is subject to regulatory approval.
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
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpowercorp.ca
Telephone: (778) 997-4925
Media file |
Jul 07, 09 VANCOUVER, B.C.VANCOUVER, B.C. –Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) announced today that it has entered into a Letter of Intent (“LOI”) dated July 07, 2009 to acquire an additional 60% interest in Petroleum Exploration Licence (“EL”) 2815 off–shore Namibia. Following completion of due diligence and TSX Venture Exchange (“TSX-V”) approval, the Company will pay $1,000,000 and issue 3,000,000 common shares of the Company for an additional 60% of Block 2815 and thus bringing its total interest to 90%.
Under the terms of the LOI, the Company will purchase from Limpet Investments (Proprietary) Limited (“Limpet”) 60% 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. Limpet is a Namibian company controlled by Mr. Knowledge Katti, who is a director of the Company.
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. The concession was previously owned by Chevron (Namibia) 40%, Shell Namibia 40% and Energy Africa Namibia 20%.
Historical work on block 2815 includes a modern seismic survey over approximately 50% of the block. The Company plans to evaluate the existing data and work towards attracting third parties to participate in drilling.
Terms
Pursuant to the terms of the LOI dated July 07, 2009 the Company will acquire from Limpet, 60% of all the issued and outstanding securities in the capital of NIDG which currently holds the licence to explore Block 2815. As consideration for the 60% of NIDG, the Company will pay Limpet US $1,000,000 of which US $500,000 has been paid in the form of a refundable deposit and issue 3,000,000 common shares of the Company. In addition, on completion and subject to regulatory approval, the Company shall pay a finder’s fee of 300,000 common shares in the capital of the Company. Shares issued will be subject to a four month hold period. Universal has the ability to allocate this acquisition to its 100% controlled subsidiary Cumoxi Investments (Pty) Ltd. (“Cumoxi”) Cumoxi currently owns a 30% carried interest in NIDG.
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
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpowercorp.ca
Telephone: (778) 997-4925
Media file |
Apr 14, 09 UNIVERSAL POWER CORP.
NEWS RELEASE
Universal Signs CO-OPERATIVE AGREEMENT WITH NATIONAL Petroleum Corporation OF NAMIBIA
VANCOUVER, B.C. Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) or (“Universal”) is pleased to announce that it has entered into a co-operative agreement by way of a Memorandum of Understanding (the “MOU”) dated April 3, 2009 with The National Petroleum Corporation of Namibia (Pty) Ltd. (“NAMCOR”).
Pursuant to the terms of the MOU, the Company and NAMCOR will jointly investigate and evaluate project opportunities in petroleum exploration, development and production of hydrocarbons, as well as energy related opportunities in Africa.
In an energy deficient region of Southern Africa, Namibia’s strategic importance as an emerging producer is yet to be widely recognized. As a result, the number of significant international energy firms to advance exploration and development efforts in this territory is expanding.
Through this MOU, the Company seeks to combine its operational expertise and access to international capital with the resources and support of NAMCOR to jointly pursue rewarding commercial energy opportunities in Namibia. Specifically, exploration, development and production opportunities, debt and equity finance, asset swaps and data set exchanges will be reviewed in the course of finalizing terms.
Barry Swanson, Chief Executive Office of the Company stated “As we continue to execute our mission in creating value with local partners in a socially responsible manner, it is both a tremendous opportunity and a great honour to be associated with the Government of Namibia. Partnering with NAMCOR builds a stronger platform to develop energy projects in Namibia and abroad for mutual benefit.”
About Universal Power Corp.
Universal Power Corp with broad based Black Economic Empowerment ownership trades its common shares publicly on Canadian and German exchanges. Blessed with strong local and international relationships combined with strategic asset ownership, the Company is strategically positioned to benefit from future hydrocarbon discoveries made offshore Namibia.
About NAMCOR
NAMCOR’s purpose is to ensure the optimum exploitation of Namibia's petroleum resources and meaningful Namibian participation in resulting business developments in petroleum related exploration activities. The company also acts as advisors to the Ministry of Mines and Energy and assists them in monitoring the exploration activities of licensees. The Government of the Republic of Namibia is its sole shareholder.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpowercorp.ca
Telephone: (778) 997-4925
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.
Media file |
Jan 12, 09 VANCOUVER, B.C. – Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) or (“Universal”) today provided a corporate update as follows:
CORPORATE APPOINTMENTS
Duane Parnham appointed Non-Executive Chairman of the Company: Mr. Parnham is a director of the Company and a director and CEO of Forsys Metals Corp. He has over eight years of experience directly working in Namibia. Valencia Uranium and Forsys Metals, a group of Namibian companies assembled by Mr. Parnham 3 years prior is currently subject to a takeover valued at $580 million. His relationships and expertise, developed through-out a 24 year career spanning successes in mining, government relations, capital markets, and corporate management will greatly assist Universal in creating shareholder value as the oil & gas assets are developed.
Knowledge Katti appointed CEO of Kunene Energy (Pty) Ltd (“Kunene Energy”), a Namibian subsidiary of the Company:
Mr. Katti is a director of the Company and an officer of Kunene Energy. Mr. Katti is a distinguished Namibian businessman with over 10 years of experience in national and international exploration and government activities. He is a tremendous resource to the Company in terms of deal flow and potential strategic partnerships. Kunene Energy is a Namibian Black Economic Empowerment company founded by Mr. Katti and a 90% owned subsidiary of the Company.
Alex Warne appointed Lead Exploration Consultant of Kunene Energy:
Mr. Warne is a geologist located in Namibia, Africa. He has extensive experience in international hydrocarbon exploration and development and previously worked for Namcor, the National oil and gas Company for Namibia. While with Namcor, Mr. Warne was part of the geological team that worked on the Kudu gas field, which has proven reserves of 1.3 TCF and estimated reserves of 3 TCF.
Barry Swanson, CEO for the Company stated, “our board is delighted to make these appointments which will strengthen our position in Namibia, enhance our operating ability, and attract a broader investor shareholder base. Namibia is in the early stages of oil and gas discovery and development and these three gentlemen have extensive experience working in this resource rich country. Mr. Parnham has demonstrated his unique ability to create significant shareholder value with the recently announced takeover bid for Forsys Metals Corp. of $580 million and we feel privileged to have Mr. Parnham head up our board and oversee the Company’s strategic initiatives and development.”
CORPORATE UPDATE
Management has built a portfolio of over 32,000 Square Kilometers of highly prospective hydrocarbon concessions in the Namibian oil and gas sedimentary basins. These under-explored frontier basins demonstrate the presence of the same source rocks as the Brazilian counterpart basins with respect to their depositional sequences, rock types and oil fingerprinting; by comparison the Tupi Discovery Offshore Brazil is estimated to be 30+ billion of BOE.
BLOCK 1711
The Company has been advised by Sintezneftegaz Namibia Ltd., the operator of Kunene No. 1 well that they plan to carryout additional work on the well. The proposed work program will include an independent audit of reserves and resources, detailed Petrophysical and Geochemical analysis of all data collected on the well, comprehensive interpretation of the seismic covering block 1711, and a comparison to the Kudu gas field. A meeting with the operator and partners involved is being scheduled to take place early in 2009 to review results from the 2008 work program and consider the operator’s proposal for the 2009 work program. Knowledge Katti, a director of the Company will attend this meeting. Kunene Energy, the Company’s subsidiary has a 3% carried interest in Block 1711.
The government of Namibia has classified Kunene No. 1 as a "tight hole," meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.
BLOCKS 2815 & 2713AB
The Company is well positioned to assemble strategic interests in high-profile African oil and gas projects and in addition to Block 1711 has a 90% working interest in Blocks 2713A&B and a 30% carried interest in Block 2815.
These oil and gas concessions are located in the Orange Basin, adjacent to the Kudu gas fields and show direct evidence of hydrocarbons, which include the penetration of organic-rich, high total organic carbon intervals in exploration and deep sea drilling project wells, penetrations of potential reservoir zones with shows of oil and gas, and the accumulation of gaseous and liquid hydrocarbons in the Namibian offshore Kudu field. Indirect evidence includes potential gas chimneys and gas hydrate zones recognized on seismic data, and the presence of oil seeps detected using RADARSAT imagery. These blocks are also considered strategically important, being located in close proximity to South Africa’s energy market, and power shortages. Currently Tullow Oil, BHP Billiton, Hunt Oil, PetroSA, Neptune Petroleum, and Chariot Oil & Gas are working on nearby blocks.
The Company is currently in discussions with a strategic working partner for these concessions.
STOCK OPTTIONS
Universal also announced today that it has granted incentive stock options to certain directors, officers and consultants for the purchase of a total of 2,700,000 common shares of the Company at a price of $0.20 each until January 12, 2014. The options are being granted pursuant to the terms of the Company’s stock option plan.
About Universal Power Corp.
Universal Power Corp. and its BEE partner are positioned as an emerging junior exploration company listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy.
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpowercorp.ca
Telephone: (778) 997-4925
Media file |
Oct 06, 08 VANCOUVER, B.C. –Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) or (“Universal”) today provided a corporate update as follows:
Block 1711
The Company has been advised by the Government of Namibia that interpretation of results from sampling and testing of the Kunene #1 well are ongoing and final results have not been submitted by the operator. Furthermore, Universal has been advised that the operator and the Namibian Government have had discussions regarding future work and plans for Block 1711. Results of testing and sampling will be released when reviewed and approved by the Namibian government due to the tight hole status of this well.
The government of Namibia has classified Kunene No. 1 as a "tight hole," meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.
Namibian Oil & Gas Assets
The Company’s business plan is to focus on hydrocarbon exploration and production primarily in Namibia, Africa. In this regard, Universal entered into a partnership with Kunene Energy (Pty) Ltd (“Kunene Energy”) a Namibian Black Economic Empowerment (“BEE”) company, founded by Mr. Knowledge Katti a local businessman and director of Universal. The Company is well positioned to assemble strategic interests in high-profile African oil and gas projects and currently has a 2.7% carried interest in Block 1711, a 90% working interest in Blocks 2713A&B and a 30% carried interest in Block 2815. These oil and gas concessions are off-shore Namibia, Africa.
The 2713 and 2815 Blocks are located in the Orange Basin, adjacent to the Kudu gas fields with an estimated reservoir of 3 TCF. Universal is working with consultants to bring a strategic working partner into these blocks in order to develop leads and carry out drilling.
Uranium Assets
In keeping with the Company’s business plan, Universal has made the decision to divest itself of all Uranium assets. In this regard, the Company has not renewed the Uranium options at Havoc, Ontario and Tanzania, Africa. The Company owns the Uranium property at Great Bear Lake, NWT and is actively looking for a buyer.
About Universal Power Corp.
Universal Power Corp. and its BEE partner are positioned as an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy.
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Knowledge Katti, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpowercorp.ca
Telephone: (778) 997-4925
Media file |
Sep 08, 08 VANCOUVER, B.C. –Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) or (“Universal”) announced today that further to its news releases dated June 24, 2008 and July 21, 2008 the transactions to acquire a 30% carried interest in Petroleum Exploration Licence (“EL”) 2815 off–shore Namibia and purchase an additional 70% of Kunene Energy (Pty) Ltd, (“Kunene Energy”) have now been completed.
Namibian Oil & Gas Assets
On February 26, 2008 Universal entered into a partnership with Kunene Energy (Pty) Ltd (“Kunene Energy”) a Namibian Black Economic Empowerment (“BEE”) company, founded by Mr. Knowledge Katti a local businessman and director of Universal. Kunene Energy is well positioned to assemble strategic interests in high-profile African oil and gas projects. Upon closing of the acquisitions noted above, the Company now has a 2.7% carried interest in Block 1711, a 90% working interest in Blocks 2713A&B and a 30% carried interest in Block 2815. These oil and gas concessions are off-shore Namibia, Africa.
The 2713 and 2815 Blocks are located in the Orange Basin, adjacent to the Kudu gas fields with an estimated reservoir of 3 TCF.
Universal also announced today that it has granted incentive stock options to certain consultants for the purchase of a total of 350,000 common shares of the Company at a price of $0.30 each until August 25, 2013. The options are being granted pursuant to the terms of the Company’s stock option plan.
About Universal Power Corp.
Universal Power Corp. and its BEE partner are positioned as an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy.
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpower.ca
Telephone: (778) 997-4925
Media file |
Sep 03, 08 VANCOUVER, B.C. –Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) or (“Universal”) announced today that further to the Company’s news release dated August 07, 2008, they have been notified that testing of the Kunene #1 well has been completed. Results of testing and sampling will be released when reviewed and approved by the Namibian government due to the tight hole status of this well.
The government of Namibia has classified Kunene No. 1 as a "tight hole," meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.
About Universal Power Corp.
Universal Power Corp. and its BEE partner are positioned as an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy and uranium.
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpower.ca
Telephone: (778) 997-4925
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.
Media file |
Aug 18, 08 VANCOUVER, B.C. –Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) or (“Universal”) announced today that further to its news releases dated June 24, 2008 and July 21, 2008 the TSX Venture Exchange (“TSX-V”) has accepted for filing the transactions to acquire a 30% carried interest in Petroleum Exploration Licence (“EL”) 2815 off – shore Namibia and purchase an additional 70% of Kunene Energy (Pty) Ltd, (“Kunene Energy”). The Company will now proceed to close both acquisitions.
Namibian Assets
On February 26, 2008 Universal entered into a partnership with Kunene Energy (Pty) Ltd (“Kunene Energy”) a Namibian Black Economic Empowerment (“BEE”) company, founded by Mr. Knowledge Katti a local businessman and director of Universal. Kunene Energy is well positioned to assemble strategic interests in high-profile African oil and gas projects. Upon closing of the acquisitions noted above, the Company will have a 2.7% carried interest in Block 1711, a 90% working interest in Blocks 2713A&B and a 30% carried interest in Block 2815. These concessions are off-shore Namibia, Africa.
The 2713 and 2815 Blocks are located in the Orange Basin, adjacent to the Kudu gas fields with an estimated reservoir of 3 TCF.
About Universal Power Corp.
Universal Power Corp. and its BEE partner are positioned as an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy.
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpower.ca
Telephone: (778) 997-4925
Media file |
Aug 07, 08 VANCOUVER, B.C. –Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) or (“Universal”) announced today they have been notified that the Kunene #1 well, has been drilled to a depth of 5,050 meters and logging operations are complete. During drilling the well encountered significant hydrocarbon shows in two zones. The first interval is 228 meters starting at about 3700 meters and the second interval is 50 meters starting at approximately 4700 meters. Sampling and coring have been completed and analysis is being conducted by Corelab (Aberdeen). Based on log analysis and hydrocarbon shows, Sintezneftegaz Namibia Ltd. (“Sintez”) the operator, has proposed a testing program first over the lower zone, which is scheduled to begin tomorrow, August 8, 2008.
Testing of the prospective lower feature (4698-4748 m) is designed to confirm hydrocarbon makeup and saturation and will allow the partners to assess the commercial viability of the well. The testing is estimated to take approximately 16 days, however, results will not be published until received and approved by Namibian Government due to tight hole status of this well.
Knowledge Katti, director for the Company stated, “We are very pleased that the Kunene # 1 well has significant hydrocarbon shows and we look forward to receiving results from the testing of this well. Sintez, the operator of Block 1711, has significant experience in exploration and production as well as downstream operations and the construction and operation of power generating facilities. They will be a key partner as we move forward in Block 1711. Universal has a 2.7% carried interest in this block meaning the Company does not have to pay for any costs of exploration and has a carried interest to production on the entire PEL Block 1711. This discovery confirms that our business plan is correct and we are acquiring oil and gas interests in a prospective area that we believe could become a significant producer of hydrocarbons.”
Namibian Assets
On February 26, 2008 Universal entered into a partnership with Kunene Energy (Pty) Ltd (“Kunene Energy”) a Namibian Black Economic Empowerment (“BEE”) company, founded by Mr. Knowledge Katti a local businessman and director of Universal. Kunene Energy is well positioned to assemble strategic interests in high-profile African oil and gas projects. Upon completion of the Kunene Energy acquisition announced last month, the Company will have a 2.7% carried interest in Block 1711 and a 90% working interest in Block 2713A&B. Both concessions are off-shore Namibia, Africa. In addition, the Company has recently signed an LOI to acquire a 30% carried interest in block 2815 located off-shore Namibia, Africa.
The 2713 and 2815 Blocks are located in the Orange Basin, adjacent to the Kudu gas fields with an estimated reservoir of 3 TCF.
The government of Namibia has classified Kunene No. 1 as a "tight hole," meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.
About Universal Power Corp.
Universal Power Corp. and its BEE partner are positioned as an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy and uranium.
Media file |
Jul 21, 08 VANCOUVER, B.C. –Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) announced today that its wholly owned subsidiary Cabanas Business Group Ltd (“Cabanas”) will be exercising options to increase ownership in Kunene Energy (Pty) Ltd (“Kunene”) by a further 70% following which, Cabanas will hold 90% of all the issued and outstanding shares in the capital of Kunene. The completion of the option exercise will allow Universal to proceed with work expenditures on Blocks in which Kunene holds an interest. Closing of the acquisition is subject to TSX Venture Exchange (“TSX-V”) approval.
Terms
Pursuant to the terms of the three Option Agreements each dated September 06, 2007 Cabanas will acquire the additional 70% of all the issued and outstanding shares in Kunene from Philco Forty Four (Pty) Ltd, Philco Forty Five (Pty) Ltd and Philco Fifty Ltd. The total cost of the 3 options is $5.6 million US and the Company will pay consideration as follows; $1.5 million US cash, incur $2 million US in work expenditures, issue three million common shares in the capital of the Company at a deemed price of $0.70 US per share and issue three million common share purchase warrants ( the “Warrants”). Each Warrant entitles the holder thereof to acquire one (1) common share in the capital of the Company at an exercise price of $0.70 per share at any time until January 17, 2010.
Namibian Assets
Upon completion of the acquisition, the Company will have a 2.7% carried interest in Block 1711 and a 90% working interest in Block 2713A&B through its investment in Kunene Energy (Pty) Ltd. (“Kunene”) Both concessions are off-shore Namibia, Africa. In addition, the Company has recently signed an LOI to acquire a 30% carried interest in block 2815 located off-shore Namibia, Africa.
Sintezneftegaz, the operator of the Kunene No. 1 well on Block 1711 offshore Namibia has advised drilling operations are continuing beyond the originally proposed targeted depth of 4,400 meters. The government of Namibia has classified Kunene No. 1 as a "tight hole," meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.
About Universal Power Corp.
Universal Power Corp. is an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy and uranium.
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpower.ca
Telephone: (778) 997-4925
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.
Media file |
Jun 24, 08 VANCOUVER, B.C. –Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) announced today that it has entered into a Letter of Intent (“LOI”) to acquire a 30% carried interest in Petroleum Exploration Licence (“EL”) 2815 off – shore Namibia. The Company will pay US $1,500,000 for the interest upon completion of due diligence and TSX Venture Exchange (“TSX-V”) approval.
Under the terms of the LOI, the Company will purchase from Cumoxi Investments (Proprietary) Limited (“Cumoxi”) 30% 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, dated 22 September 2006 issued to NIDG by the Commissioner for Petroleum Affairs: Ministry of Mines and Energy, Namibia. According to the Shareholders agreement, Cumoxi’s 30% interest is carried to production. Cumoxi is a Namibian company controlled by Mr. Knowledge Katti, who is a director of the Company.
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. The concession was previously owned by Chevron (Namibia) 40%, Shell Namibia 40% and Energy Africa Namibia 20%.
Historical work on block 2815 includes a modern seismic survey over approximately 50% of the block and minimal drilling. The Company plans to evaluate the existing data and to work with the block operator in attracting third parties to participate in drilling.
Terms
Pursuant to the terms of the LOI dated June 23, 2008 the Company will acquire from Cumoxi, 30% of all the issued and outstanding securities in the capital of NIDG which currently holds the licence to explore EL 2815. As consideration for the 30% of NIDG, the Company will pay Cumoxi $1,500,000 of which $300,000 has been paid in the form of a refundable deposit.
Other Namibian Assets
The Company also has a 2.7% carried interest in Block 1711 and a 100% working interest in Block 2713A&B through its investment in Kunene Energy (Pty) Ltd. (“Kunene”) The Company currently owns 20% of Kunene and has the option to increase that ownership to 90%. The partners on Block 1711 are currently drilling the Kunene well with an initial target depth of 4400 meters.
About Universal
Universal Power Corp. is an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy and uranium.
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpower.ca
Telephone: (778) 997-4925
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.
Media file |
Jun 13, 08 VANCOUVER, B.C. – Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) announced today that it has closed the second and final tranche of its non-brokered private placement of up to 8,000,000 units previously announced on June 4, 2008. The offering was oversubscribed by 128,571 units and therefore, the total offering was 8,128,571 units.
Upon closing of the first tranche on June 11, 2008 the Company raised gross proceeds of $2,450,000 through the issuance of 7,000,000 units offered at a price of $0.35 per unit. Each unit consists of one common share and one-half of one non-transferable common share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional common share at $0.50 for a period of 24 months from closing. In connection with the closing of the first tranche of the financing, the Company has paid a finder’s fee to Fraser Mackenzie Limited of $196,000 and has issued to the finder 560,000 warrants exercisable at $0.50 for a period of 24 months from closing. The shares and warrants are subject to a TSX Venture Exchange hold period of four months and one day from closing.
Sprott Asset Management Inc purchased 5,714,350 units of the first tranche on behalf of certain Sprott funds and managed accounts.
Upon closing of the second tranche on June 13, 2008, the Company has raised gross proceeds of $395,000 through the issuance of 1,128,571 units offered at a price of $0.35 per unit. Each unit consists of one common share and one-half of one non-transferable common share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional common share at $0.50 for a period of 24 months from closing. The shares and warrants are subject to a TSX Venture Exchange hold period of four months and one day from closing.
The net proceeds of the offering will be used by the Company for general working capital and to complete acquisitions for the Company’s oil and gas prospects in Namibia, Africa.
About Universal
Universal Power Corp. is an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy and uranium.
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpower.ca
Telephone: (778) 997-4925
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.
Media file |
Jun 11, 08 VANCOUVER, B.C. – Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) announced today that it has closed the first tranche of its non-brokered private placement of up to 8,000,000 units previously announced on June 4, 2008. The second and final tranche of the financing will be completed this week.
Upon closing of the first tranche the Company has raised gross proceeds of $2,450,000 through the issuance of 7,000,000 units offered at a price of $0.35 per unit. Each unit consists of one common share and one-half of one non-transferable common share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional common share at $0.50 for a period of 24 months from closing. In connection with the closing of the first tranche of the financing, the Company has paid a finder’s fee to Fraser Mackenzie Limited of $196,000 and has issued to the finder 560,000 warrants exercisable at $0.50 for a period of 24 months from closing. The shares and warrants are subject to a TSX Venture Exchange hold period of four months and one day from closing.
Sprott Asset Management Inc has purchased 5,714,350 units on behalf of certain Sprott funds and managed accounts.
The net proceeds of the offering will be used by the Company for general working capital and to complete acquisitions for the Company’s oil and gas prospects in Namibia, Africa.
About Universal
Universal Power Corp. is an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy and uranium.
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry Swanson, Director & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Email: barry@universalpower.ca
Telephone: (778) 997-4925
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.
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Jun 04, 08 VANCOUVER, B.C. – Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) wishes to announce that it proposes to complete a non-brokered private placement (the “Offering”) for the sale of up to 8,000,000 units at a price of $0.35 per unit for gross proceeds of up to $2,800,000. Each unit will consist of one common share and one half of one transferable share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one additional common share of the Company for a period of 24 months from the date of the closing of the Offering at a price of $0.50 per share. The Company has agreed to pay Fraser MacKenzie Limited a 8% cash finder's fee and a 8% compensation warrant fee in connection with part of the Offering. The net proceeds of the Offering will be used for the Company's general working capital and its planned exploration programs. The Offering is expected to close on Tuesday, June 10, 2008 and is subject to TSX Venture Exchange Approval
About Universal
Universal Power Corp. is an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy and uranium.
For additional information on Universal Power Corp. please call Leo Karabelas, Investor Relations at First Canadian Capital Corp. 416-742-5600, email lkarabelas@firstcanadiancapital.com
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
“Barry Swanson”
Barry Swanson, Director and CEO
www.universalpowercorp.ca
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May 29, 08 VANCOUVER, B.C. – Universal Power Corp. TSXV: UNX FSE: 3U2A (“Universal”) or (the “Company”) announced today an update on progress at the Kunene #1 well on Block 1711 offshore Namibia. We understand that due to weather delays and mechanical issues, the well is now expected to reach a total depth of 4,400 meters sometime around the middle of June.
The Company’s subsidiary Kunene Energy (Pty) Ltd has a 3% carried interest in Block 1711.
The Republic of Namibia has classified the Kunene #1 as a "tight hole", meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.
For additional information on PEL 1711 and other Universal assets please call Leo Karabelas, Investor Relations at First Canadian Capital Corp. 416-742-5600, email lkarabelas@firstcanadiancapital.com
About Universal
Universal Power Corp. is an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy and uranium.
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
“Barry Swanson”
Barry Swanson, Director and CEO
www.universalpowercorp.ca
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Apr 22, 08
April 22, 2008
VANCOUVER, B.C. – Universal Power Corp. TSXV: UNX FSE: 3U2A (“Universal”) or (the “Company”) announced today that further to its news releases dated February 26th and March 24th 2008 the Company has now completed the initial 20% purchase of Kunene Energy (Pty) Ltd (“Kunene”).
Universal holds an option to increase its ownership in Kunene from 20% to 90%. The additional 70% will cost the Company $5,000,000 and consideration will be cash of $1,500,000 and shares for the balance. The Company has until September 15, 2008 to exercise this option.
Kunene is a Namibian BEE company founded by local businessman Knowledge Katti, and is positioned to hold strategic interests in high profile African oil and gas projects. Mr. Katti is also a director of Universal.
Kunene's most advanced project is Petroleum Exploration License 1711 in the Namibe Basin off the coast of Namibia. The operator and majority holder of Block 1711, Russia based Sintezneftegaz, has commenced drilling, targeting a multi-billion barrel oil and gas resource. Kunene has a 3% carried interest in Block 1711 and this interest is carried to production.
For additional information on PEL 1711 and other Universal assets please call Leo Karabelas, Investor Relations at First Canadian Capital Corp. 416-742-5600, email lkarabelas@firstcanadiancapital.com
About Universal
Universal Power Corp. is an emerging exploration and production junior listed on the TSX Venture Exchange and the FSE Open Market. The Company’s mission is to deliver significant share appreciation through the discovery, exploration and production of fossil fuel energy and uranium.
The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
“Barry Swanson”
Barry Swanson, Director and CEO
www.universalpowercorp.ca
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Mar 24, 08 VANCOUVER, B.C. – Universal Power Corp. TSXV: UNX FSE: 3U2A (“Universal”) or (the “Company”) announced today that further to its news release dated February 26, 2008 the TSX Venture Exchange has accepted for expedited filing the transaction to purchase up to 90% of Kunene Energy (Pty) Ltd. The Company has completed its due diligence and will now proceed to close the acquisition.
Summary of February 26 news release
The Company has entered into a Letter of Intent (“LOI”) with Telpon Property Holdings Inc. (Telpon) to purchase up to 90% of all of the issued and outstanding shares in the capital of Kunene Energy (Pty) Ltd. ("Kunene") a Namibian oil and gas exploration and production company led by Mr. Knowledge Katti.
The Company will pay Telpon $850,000 cash and will issue 1,500,000 shares and 1,500,000 share purchase warrants of the Company upon completion of due diligence and TSX Venture Exchange (“TSX-V”) approval.
The LOI will establish a strategic partnership designed to exclusively position Universal with ownership in key Namibian oil and gas assets while allowing Kunene to access foreign capital to fuel growth. The partnership cooperates with proposed Namibian Black Economic Empowerment (“BEE”) initiatives through equity and project ownership in the Company.
Barry Swanson, CEO of Universal stated “this acquisition is a major step for our company and shareholders as we move closer to our goal of becoming a successful global energy exploration and production company. The purchase of Kunene immediately gives us a carried interest in a potential multi-billion barrel oil and gas project (Block 1711) set to commence drilling next month plus two off-shore oil and gas concession blocks (2713 A&B) in the prolific Orange Basin. Furthermore, with our partner the Namibian BEE, we will work closely on developing future oil and gas projects in the country”.
About Block 1711
Kunene holds a 3% carried interest in Petroleum Exploration License (“EL”) 1711, Sintezneftegaz, a Federation of Russia oil and gas company based in Moscow holds a 70% working interest, PetroSA, South Africa’s national oil company holds a 10% working interest, EnerGulf Resources Inc (TSXV:ENG) holds a 10% working interest and NAMCOR, the national oil company of Namibia holds a 7% carried interest.
EL 1711 is located in the Namibe basin off the northern coast of Namibia along the international boundary with Angola. Two individual prospects, the Kunene and Hartmann have been identified by 3-D seismic along with other undeveloped leads. The syndicate is targeting a potential multi-billion barrel oil and gas resource with drilling scheduled to commence in March 2008.
About Block 2713 A&B
Kunene holds a 100% interest in EL 2713 A&B covering an area of about 10,000 square kilometers situated on the boundary between the Luderitz and the Orange Basins offshore Namibia. The block is located in proximity to Tullow’s proven Kudu Gas field and adjacent to ELs currently being explored by Hunt Oil and BHP.
The blocks are partially covered with modern 2D seismic and especially the western 2713B. Kunene is planning to conduct 3-D seismic over the entire block with the objective of developing leads for future drilling programs. Kunene will seek partners interested to earn their interest by participating in drilling the leads.
Terms
Pursuant to the terms of the LOI dated February 25, 2008 the Company will acquire 100% of all the issued and outstanding securities in the capital of Cabanas Business Group Ltd ("Cabanas"), which owns 20% of all the issued and outstanding securities of Kunene. In addition, Cabanas has been granted the option to acquire an additional 70% interest in Kunene and if exercised, would give the Company a 90% interest in Kunene.
As consideration for the 20% of Cabanas, the Company will be required pay Telpon $850,000 ($300,000 has been paid) and issue 1,500,000 common shares in the capital of the Company and 1,500,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one (1) common share in the capital of the Company at an exercise price of $0.50 per share at any time until February 25, 2010. In addition, the Company will issue an aggregate of 100,000 common shares to an arm's length third party as a finder's fee. The common shares issued pursuant to the Acquisition are subject to a four month hold period.
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Feb 27, 08 VANCOUVER, B.C. – Universal Power Corp. TSXV: UNX FSE: 3U2A (“Universal”) or (the “Company”) announced today that Mr. Donald Sharpe has been appointed to the board of directors of the Company effective immediately.
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Feb 26, 08 VANCOUVER, B.C. – Marketwire - Feb. 26, 2008) - Universal Power Corp. (TSX VENTURE:UNX)(FRANKFURT:3U2A) ("Universal") or (the "Company") announced today that it has entered into a Letter of Intent ("LOI") with Telpon Property Holdings Inc. (Telpon) to purchase up to 90% of all of the issued and outstanding shares in the capital of Kunene Energy (Pty) Ltd. ("Kunene") a Namibian oil and gas exploration and production company led by Mr. Knowledge Katti.
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Dec 12, 07 VANCOUVER, B.C. – Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) announced today that it has closed the third and final tranche of its non-brokered private placement of up to 8,500,000 units previously announced on November 6, 2007.
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Nov 29, 07 VANCOUVER, B.C. – Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) announced today that it has closed the first and second tranche of its non-brokered private placement of up to 8,500,000 units previously announced on November 6, 2007. The third and final tranche of the financing will be completed next week.
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Nov 29, 07 VANCOUVER, BC – Universal Power Corp. (TSX-V:UNX, FSE:3U2A) announced today that it has received a recently completed 43-101 compliant report for its Mbamba Bay project in Tanzania, Africa and confirms phase 1 exploration plans will begin in the coming weeks.
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Nov 09, 07 VANCOUVER, BC – Universal Power Corp. announced today exploration plans for its Mbamba Bay project in Tanzania, Africa.
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Nov 06, 07
VANCOUVER, B.C. – Universal Power Corp. TSXV: UNX FSE: 3U2A (the “Company”) wishes to announce that it proposes to complete a non-brokered private placement (the “Offering”) for the sale of up to 8,500,000 units at a price of $0.40 per unit for gross proceeds of up to $3,400,000.
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Oct 19, 07 VANCOUVER, BC – Universal Power Corp. TSX-V:UNX, FSE:3U2A (formerly Universal Exploration Corporation) (the “Company”) announced today exploration plans for the Company’s three recently acquired projects in Africa and Canada.
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Oct 17, 07 Vancouver, BC - Universal Power Corp. TSX-V:UNX, FSE:3U2A (formerly Universal Exploration Corporation) (“Universal” or the “Company”) announced today that effective immediately, Duane B. Parnham has joined the Company's Board of Directors.
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Oct 16, 07 VANCOUVER, BC – Universal Power Corp. TSX-V:UNX, FSE:3U2A (formerly Universal Exploration Corporation) (the “Company”) announced today that it has completed the property acquisition at Great Bear Lake, 430 kilometers north of Yellowknife in the North West Territories previously announced on August 30, 2007. Pursuant to the terms of the agreement, the Company has acquired a 100% interest for consideration of $100,000 in cash and the issuance of 1,500,000 common shares. The property is subject to a 2.0-per-cent net smelter return royalty. The company has the right to reduce the royalty to 1 per cent by paying $1-million. A finder's fee of $27,500 has been paid.
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Oct 15, 07 VANCOUVER, BC – Universal Power Corp. (the “Company”) is pleased to announce that it has granted incentive stock options to directors, officers, employees and consultants for the purchase of a total of 2,850,000 common shares of the Company at a price of $0.53 each until October 12, 2012. The options are being granted pursuant to the terms of the Company’s stock option plan.
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Oct 03, 07 VANCOUVER, B.C. – Universal Exploration Corporation (the “Company”) is pleased to announce that it has signed an option agreement (the “Option Agreement”) with Tanzmin Resources Inc. (“Tanzmin”) to earn the right to acquire up to a 90% interest in a land package totaling approximately 1,287 square kilometres located in the United Republic of Tanzania (the “Property”). The Company will pay Tanzmin $330,000 and will issue 400,000 shares upon completion of due diligence on the Property (including the preparation of a title opinion) and TSX Venture Exchange (“TSX-V”) approval. |
Oct 02, 07 VANCOUVER, B.C. - Universal Exploration Corporation (TSXV: UNX) (the "Company") wishes to announce that it has entered into a purchase agreement with Kalac Holdings Ltd. and Mountain Island Exploration Ltd. (the "Vendors") to acquire a 100-per-cent interest in certain properties located at Great Bear Lake in the Northwest Territories (the "Property"). The Property is located approximately 430 kilometers north of Yellowknife, NWT. |
Oct 02, 07 VANCOUVER, B.C. - Universal Exploration Corporation (TSXV: UNX) (the "Company") wishes to announce that it proposes to complete a non-brokered private placement (the "Offering") for the sale of up to 2,000,000 units at a price of $0.25 per unit for gross proceeds of up to $500,000. Each unit will consist of one common share and one transferable share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of 24 months from the date of the closing of Offering. The exercise price for the warrant will be $0.35 per share. The proceeds will be used for the Company's general working capital and its planned exploration programs. The Offering is subject to TSX Venture Exchange approval and the Company will pay the maximum allowable finder's fee in connection with the Offering. |
Oct 02, 07 VANCOUVER, BC - Universal Exploration Corporation (the "Company") is pleased to announce that further to its new release dated July 18, 2007, it has closed a private placement of 2,000,000 units (the “Units”) of the Company at $0.25 per Unit for gross proceeds of $500,000. |
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