Natural Gas & Petroleum

UI Energy Corporation is participating in exploration / development of six prospects in Gulf of Mexico, U.S.A, with Challenger Mineral Inc. which specializes in oil and gas field exploration and development. Among them, West Cameron Block 230 prospect is verified to have gas layer through an exploratory drilling work in June of this year. During the fourth quarter of this year, our company plans to confirm a development of the prospect through the precise productivity test. The rest five prospects exploratory drilling will be carried out in order for the fourth quarter of this year. Share of a product is expected from the end of 2007 or the beginning of 2008. By the end of 2007, a participating on exploration/development business of Kurdistan region, North Iraq, with rich potential reserves, oil will be confirmed. Participating more than hundreds of millions barrel petroleum development in this region will secure strong foundation for an oil business. Our company is also promoting the Accra prospect in the sea of Ghana where is known to have rich oil reserve.