Universal Completes Purchases of Namibian Oil & Gas Interestsadmin
Universal Power Corp. announced 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.
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.