Universal provides detail on Technical Advisory meeting with the Ministry of Mines and Energy of the Republic of Namibia

CALGARY, Aug. 9 /CNW/ -- CALGARY, Aug. 9 /CNW/ - Universal Power Corp. (TSXV:UNX) ("Universal" or the "Company") today provided an overview of recent activities with detail on the Company's Technical Advisory Committee ("TAC") meeting with the Ministry of Mines & Energy ("MME") of the Republic of Namibia, Africa. The MME approved the Company's proposed 2010 budgets for Petroleum Exploration License ("PEL") 2713 (constituting the offshore blocks 2713A and 2713B) and PEL 2815 (which includes offshore blocks 2815, 2816, and 2915).
"As a shareholder, local partner and Director of Universal, I am truly pleased to report on the progress of our efforts in placing Namibia on the world stage of hydrocarbon exploration and development," said Mr. Knowledge Katti, Namibian Director of Universal Power Corp. "Bringing the science, technology, skill, and now the capital to Namibia, the Universal team is well positioned to prove up the exploration potential of the country and specifically for Universal acreage. The scientific evidence assembled to-date suggests the potential for crude oil discoveries similar in size to those in Angola to the north, and in the conjugate margin in Brazil."
"Further to the advancement of Namibia, Universal remains aligned in encouraging energy independence, which has become an important national goal for the country. The Company also provides Namibian shareholders opportunity to participate in the exploration and development of their country's resources. Namibian companies have historically had difficulties in raising the capital required for exploration activities and depend on foreign investors to access the capital markets. Universal has a unique model whereby Namibian shareholders are part of the company, providing joint access to capital. The Namibian pension funds and the Namibian Stock Exchange are in early stages and not prepared to take on risk inherent to exploration projects. The Universal model will serve Namibian entrepreneurs well and encourage further direct foreign investment in the country."
The TAC meetings provide operators the opportunity to regularly work and consult with the MME, and to report findings to-date, expenditures, procedures and prospective plans. These meetings make certain that ongoing, constructive dialogue is maintained between operators and the MME and ensures that their technical team agrees that any exploration activity being done is suitably conducted.
Mr. Curtis Evert, Universal's Vice-President Exploration and New Ventures, began the TAC presentation by reviewing findings to-date on the two PELs. The main focus of the presentation was the recent receipt of detailed and highly conclusive geochemical findings along with results from 11 satellite surveys monitoring naturally occurring crude oil slicks in the Orange Basin, home to both PEL 2713 and PEL 2815.
The results presented by Mr. Evert prove the existence of two separate regional source rocks. From the Company's satellite survey work, there was a total 40 repeated crude oil slicks observed in the regional surveys, clearly illustrating an active regional crude oil system. These observations and conclusions show that there is more to the Orange Basin than just natural gas reservoirs.
Mr. Evert provided the MME with Universal's near-term plans to process approximately 1,100 kilometers of 2D seismic data targeted for September 2010, with further purchases of 2D seismic data planned. In addition, Universal also stated its commitment to have a 3D compositional model complete before year-end 2010, and to acquire 3D seismic data in the coming year.
Universal updated the MME on the completion of a CAD$20 million (approximately $140 million Namibian Dollars) prospectus offering, with all proceeds earmarked for spending on the Company's Namibian concessions. Universal reaffirmed the Company's objective to build upon the highly successful and encouraging prospective resources report performed by independent third-party DeGolyer & MacNaughton (compliant with Canadian Securities National Instrument 51-101), indicating 2.39 billion barrels of oil equivalent unrisked (using a 6:1 conversion factor) for Block 2713A. Given the quality of Universal's findings to-date, it is the Company's hope that a joint venture partner will be secured before year-end 2010, to accelerate the advancement of the Company and its Namibian partners.
Finally, Universal advised of its commitment to assist in the development of a thriving upstream hydrocarbon industry in Namibia. In pursuit of this goal, both by contribution to the country's Petrofund, and providing technical training for Namibians, the Company is in the process of expanding its Windhoek-based office, extending offers to local staff, and is initiating a search for technical employees and contractors.

About Universal Power Corp.

Universal Power Corp. is an oil and gas company focused on building a portfolio of high impact exploration targets in offshore Namibia, Africa. The Company has more than 52,000 gross square kilometers of Namibian offshore concessions along the prolific South Atlantic Margin. The Company has a newly expanded managerial and technical team supported by strong Namibian partnerships, and is thus well positioned to make a significant contribution to the exploration and development of Namibia's offshore oil and gas concessions.

Neither the 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.

Forward-Looking Statements:

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.




Maria Elliott, VP Finance & CFO, Telephone: [phone], Email: [e-mail]; David Feick, Investor Relations, Telephone: [phone], Email: [e-mail]; Heidi Christensen Brown, Investor Relations, Telephone: [phone], Email: [e-mail]

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