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Message: Appoints Duane Parnham Chairman and Provides Corporate Update
| January 12, 2009 |
| Universal Appoints Duane Parnham Chairman and Provides Corporate Update |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 12, 2009) - Universal Power Corp. (TSX VENTURE:UNX)(FRANKFURT: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 options 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. ON BEHALF OF THE BOARD OF DIRECTORS Barry Swanson, Director & CEO |
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