Kraken Energy Corp. announce that it has received permits to drill the Harts Point Uranium Property in San Juan County, southeast Utah for up to 20 drill pads to test the extent of uranium mineralization across the property. The Company also announces that it has secured Major Drilling Group International Inc. out of Salt Lake City, Utah for the upcoming drill program at Harts Point, which is expected to begin in early July.

Phase I of the drill program includes an initial 2,000 meters of drilling to twin the three historical holes which span 5 kilometers of strike that returned off-scale radioactivity from downhole probe readings. World class uranium jurisdiction: located in the center of the Colorado Plateau, which has produced over 328 million pounds U3O8 at 0.2 to 0.4% U3O8 since the 1950s1. Property consists of 324 lode mining claims on Bureau of Land Management ground that covers an area of 2,622 hectares.

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 19882. The dimensions of these tabular sandstone-hosted uranium deposits range from 2 to 13 meters thick, 100 to 3,048 m (328 to 10,000 feet) long, and 31 to 427 m (100 to 1,400 feet) wide3. 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 rock4.

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. 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.