2009-08-17-2008-06-01-2008-06-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
1MM
Description

Bought 20% of company, holding PEL 1711 in Namibe Basin offshore.

Universal Power Corp., Vancouver, (CDNX: UNX) has closed the acquisition of 20% of Namibia-based Kunene Energy (Pty) Ltd. for C$850,000 in cash and approximately C$57,750 in stock for a total C$907,750. Universal holds an option to increase its ownership in Kunene from 20% to 90%. The additional 70% will cost the company C$5 million, with C$1.5 million in cash and the balance in shares. The company has until Sept. 15 to exercise this option. Kunene's largest asset is the Petroleum Exploration License 1711 in the Namibe Basin offshore Namibia. The operator and majority holder of Block 1711, Russia-based Sintezneftegaz, has commenced drilling, targeting a multi-billion barrel oil and gas resource. Kunene has a 3% carried interest in Block 1711 and this interest is carried to production.