Uranium Power buys rest of oil sands project

By OGJ editors

HOUSTON, Aug. 27 -- Uranium Power Corp., Calgary, agreed to purchase the remaining 49% interest in the Firebag East Athabasca Oil Sands Project, giving it 100% interest in that Fort McMurry, Alta., project, subject to a 2.5 % royalty.

Uranium Power did not give details of the deal that will make it project operator. However, it engaged Michael J. Ranger as senior project consultant to propose the initial exploration and drilling program to begin in September.

The Firebag East Oil Sands Project totals 1.4 million acres, which include prospective Fort McMurray and Wabiskaw paleochannel zones. "This is the largest land holdings in the Athabasca Oil Sands region and is adjacent to and east of several world class oil sand projects in the Firebag area," the company said.

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