2009-08-17-2008-09-01

To acquire 70% interest in co, raising stake to 90% with interests in Block 1711, 2713A&B offshore.

Cabanas Business Group Ltd., a subsidiary of Universal Power Corp., Vancouver, (CDNX: UNX) plans to acquire additional interest in Namibia-based Kunene Energy (Pty) Ltd. from Namibia-based Philco Forty Four (Pty) Ltd., Philco Forty Five (Pty) Ltd. and Philco Fifty Ltd. for US$5.6 million in cash, stock and work expenditures. Cabanas will acquire a 70% interest in Kunene, raising its total stake to 90% of all outstanding Kunene shares. Pro forma, Universal will have a 2.7% carried interest in Block 1711 and a 90% working interest in Block 2713A&B through its investment in Kunene. Both concessions are offshore Namibia. Universal has recently signed a letter of intent to acquire a 30% carried interest in Block 2815 offshore Namibia. Russia-based Sintezneftegaz, the operator of the Kunene No. 1 well on Block 1711, has advised drilling operations are continuing beyond the originally proposed target depth of 4,400 meters. Universal will proceed with work expenditures on the blocks in which Kunene holds an interest.