Universal Power Corp. has entered into a co-operative agreement by way of a Memorandum of Understanding (the "MOU") dated April 3, 2009 with The National Petroleum Corporation of Namibia (Pty) Ltd. ("NAMCOR").
Pursuant to the terms of the MOU, the Company and NAMCOR will jointly investigate and evaluate project opportunities in petroleum exploration, development and production of hydrocarbons, as well as energy related opportunities in Africa.
In an energy deficient region of Southern Africa, Namibia's strategic importance as an emerging producer is yet to be widely recognized. As a result, the number of significant international energy firms to advance exploration and development efforts in this territory is expanding.
Through this MOU, the Company seeks to combine its operational expertise and access to international capital with the resources and support of NAMCOR to jointly pursue rewarding commercial energy opportunities in Namibia. Specifically, exploration, development and production opportunities, debt and equity finance, asset swaps and data set exchanges will be reviewed in the course of finalizing terms.
Barry Swanson, Chief Executive Office of the Company stated, "As we continue to execute our mission in creating value with local partners in a socially responsible manner, it is both a tremendous opportunity and a great honour to be associated with the Government of Namibia. Partnering with NAMCOR builds a stronger platform to develop energy projects in Namibia and abroad for mutual benefit."
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