October 1, 2002

News Release: Athabasca Oil Prospect Progress Report

Uranium Power Corporation (OTCBB:URMP)(DAX:URP) Doug Cannaday, President of Uranium Power Corporation, reports that the service rig is currently at 1643 meters (5389ft) in the 7-32 well.

The company is encouraged to find significant light gravity crude oil with natural gas shows in the heavy drilling mud returns. Full reconditioning is in progress today. The Company expects to initiate production testing of the five prospective zones thereafter. Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors effecting the Company's operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission.

Uranium Power Corporation
Steve McGuire, 800/877-1626
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.apioil.net
or
Giuliano Tamburrino, 877/999-9238
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.apioil.net

WEBSITE This email address is being protected from spambots. You need JavaScript enabled to view it.