Universal Power Corp.

Universal Power Corp.

September 23, 2009 08:30 ET

Universal Power Corp.: HRT Petroleum Work Program Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2009) - Universal Power Corp. (TSX VENTURE:UNX)(FRANKFURT: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, Guara and Iara, 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.


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.

Shares Outstanding: 65,501,921

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.

Contact Information