Universal Power Corp.

Universal Power Corp.

April 22, 2008 16:54 ET

Universal Closes Purchase of Namibian Oil & Gas Assets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2008) - Universal Power Corp. (TSX VENTURE:UNX)(FRANKFURT: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.

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.


Barry Swanson, Director and CEO


The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this news release.

Contact Information

  • For additional information on PEL 1711 and
    other Universal assets please call
    First Canadian Capital Corp.
    Leo Karabelas, Investor Relations
    (416) 742-5600
    Email: lkarabelas@firstcanadiancapital.com