Kraken Energy Corp. announced the execution of a definitive option agreement to acquire up to a 75% interest in the Harts Point Uranium Property in San Juan County, southeast Utah. This news follows the previously announced binding letter of agreement.

Harts Point is located in the center of the Colorado Plateau, referred to by some as "the Athabasca Basin of the US" and is 64 kilometers ("km") (40 miles) north of the White Mesa Uranium Mill, the only fully licensed and operating conventional uranium mill in the United States. The 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) and drill permits are in place for up to 25 exploration drill holes upon payment of the USD 58,000 bond to the BLM. 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; 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; 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.