Kraken Energy Corp. reported that the Company has received approval to resume their Phase I drill program at the Harts Point Uranium Property in Southern Utah. With a revised and approved exploration permit, the Company will drill the property from two pad locations 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 favorable results, the Company intends to continue the drill program to further evaluate the mineralized trend. As a result of this development, management has made the strategic decision to reallocate resources from drilling at the Apex Uranium Property ("Apex") to the resumption of drilling at Harts Point. 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 1950s1.

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 19882. 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 at0.3% U3O8 from the favorable Chinle Formation host rock. The Company's current and future exploration work includes verification of the historical data through drilling. Harts Point is located in the center of theColorado Plateau, referred to 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 and drill permits are in place for up to 20 exploration drill holes.