Kraken Energy Corp. announced that it has commenced drilling at the Harts Point Uranium Property in San Juan County, southeast Utah. With 20 drill pad locations fully permitted, the Company will first and foremost drill three holes over a 5 km strike length targeting the favorable uranium bearing Chinle Formation host rock where three historical oil and gas wells returned "off-scale" radioactivity.

Upon favourable results, the Company intends to continue the drill program to further evaluate the mineralized trend. With $5 million cash on hand, the Company is fully funded for an extensive drill program on the Harts Point Property. Harts Point Property Highlights: World class uranium jurisdiction: located in the center of the Colorado Plateau, which has produced over 328 million ("M") pounds ("lbs") U3O8 at 0.2 to 0.4% U3O8 since the 1950s; Property consists of 324 lode mining claims on Bureau of Land Management ("BLM") ground that covers an area of 2,622 hectares ("ha") (6,480 acres); Harts Point Anticline is Analogous to the Lisbon Valley Anticline: where the Lisbon Valley Uranium District hosted 17 large uranium mines which produced approximately 80M lbs U3O8 at 0.34% U3O8 from 1948 to 1988; The dimensions of these tabular sandstone-hosted uranium deposits range from 2 to 13 meters ("m") (7 to 43 feet) thick, 100 to 3,048 m (328 to 10,000 feet) long, and 31 to 427 m (100 to 1,400 feet) wide.

Significant Historic Uranium Production: Several historic mines located 11 km (7 miles) west of the Harts Point Property produced approximately 280,000 lbs U3O8 at 0.3% U3O8 from the favorable Chinle Formation host rock. The Lisbon Valley Anticline is located 31 km (19 miles) to the east of the Harts Point Property produced approximately 80M lbs U3O8 0.34% U3O82; Historic Exploration: Three wide-spaced historic oil and gas wells on the Property along the east flank of the Harts Point Anticline show `off-scale' radioactivity within the favorable Chinle Formation host rock. Drilled between 1953 and 1980, historic drill holes 43-037-10438, 43-037-30109, and 43-037-30623 showed off-scale radioactivity readings between 2.1 to 3.7 m thickness (7 to 12 feet) from depths of 390 to 417 m (1,280 to 1,368 feet).

Permitted to Drill: The Harts Point Property is permitted for up to 20 exploration drill pads; Excellent Infrastructure: located approximately 64 km (40 miles) north of the White Mesa uranium processing facility. There is excellent access throughout the Property, which is situated 45 km (28 miles) from the town of Monticello, Utah.