# UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

# FORM 10-QSB

| | [X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2001
OR
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------



| | [  ] | TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the
transition period from ____________________ to ____________________.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

COMMISSION FILE
NUMBER 0-27659

URANIUM
POWER CORPORATION
(Exact name of small business issuer as specified in its charter)

Colorado   
              
              
              
              
          
        None
              
              
    (State or other jurisdiction of    
              
             
   (I.R.S. Employer Identification No.)
              
              
     incorporation or organization)

206-475
Howe Street, Vancouver, British Columbia, Canada V6C 2B3
(Address of principal executive offices)

(604)
685-8355(Issuers
telephone number)

Check whether the
registrant (1) filed all reports required to be filed by Section 13 or 15(d) of
the Exchange Act during the past 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.     Yes 
[X]     No  [  ]

The number of shares
outstanding of the issuers classes of common equity, as of October 31,
2001 is 7,047,500 shares of Common Stock.

Transitional Small Business
Disclosure Format (check one):     Yes 
[  ]     No  [X]

---

URANIUM POWER
CORPORATION
(An Exploration Stage Company)
Financial Statements
October 31, 2001 and April 30, 2001
(Unaudited - Prepared by Management)
(U.S. Dollars)

`INDEX                                                             Page
         -----                                                             ----

         Financial Statements

         Balance Sheets                                                    3

         Statement of Operations                                           4

         Statement of Stockholders' Equity                                 5

         Statement of Cash Flows                                           6

         Notes to Financial Statements                                     7-11`

---

URANIUM POWER
CORPORATION
(An Exploration Stage Company)
Balance Sheets
October 31, 2001 (Unaudited) and April 30, 2001
(U.S. Dollars)

`October 31,   April 30,
                                                                        2001        2001
                                                                     ----------    --------
                                                                     (unaudited)  (audited)


Assets

Current
  Cash ...........................................................   $   1,077    $       0
  Accounts receivable ............................................       2,206          742
                                                                     ---------    ---------
Total Current Assets .............................................       3,283          742
Properties (note 4) ..............................................     109,142       34,142
Investment in Uranium Holdings Corporation .......................         815          815
                                                                     ---------    ---------
Total Assets .....................................................   $ 113,240    $  35,699
                                                                     =========    =========

Liabilities

Current
  Cheques issued in excess of funds on deposit ...................   $       0    $  13,853
  Accounts payable and accrued liabilities .......................      57,294       37,950
  Advances from Related Party ....................................      57,659            0
                                                                     ---------    ---------
Total Current Liabilities ........................................     114,953       51,803
Due to Uranium Holdings Corporation ..............................       2,608       32,618
                                                                     ---------    ---------
                                                                       117,561       84,421
                                                                     ---------    ---------

Stockholders' Equity (Deficiency)

Capital Stock
  Authorized
    40,000,000 Common stock with a par value of $0.001 each
    10,000,000 Preferred stock with a par value of $0.001 each
  Issued
      7,047,500 Common stock (note 6) ............................       7,048        7,048
Treasury Stock
      23,000 Common stock ........................................         (23)         (23)
Subscriptions Received (note 6) ..................................     150,000            0
Additional Paidin Capital ........................................     608,725      608,725
Comprehensive Income .............................................      11,863        3,534
Deficit Accumulated During Exploration Stage .....................    (781,934)    (668,006)
                                                                     ---------    ---------
Total Stockholders' Equity (Deficiency) ..........................      (4,321)     (48,722)
                                                                     ---------    ---------

Total Liabilities and Stockholder's Equity .......................   $ 113,240    $  35,699
                                                                     =========    =========`

See notes to financial
statements.

---

URANIUM POWER
CORPORATION
(An Exploration Stage Company)
Statements of Operations
Three Months and Six Months Ended October 31, 2001 and 2000 (Unaudited) and 
Period from April 3, 1998 (Inception) to October 31, 2001
(U.S. Dollars)

`Period from
                                                                                                 April 3, 1998
                                                                                                  (Inception)
                                                                                                    through
                                   Three Months Ended October 31,  Six Months Ended October 31,   October 31,
                                          2001          2000           2001           2000           2001
                                          ----          ----           ----           ----       -------------

  Exploration costs ............   $   (27,855)   $         0    $    26,159    $     2,107    $   442,546
  Rent .........................         1,286          1,333          2,755          3,355         17,581
  Professional fees ............        16,376          1,591         17,372          5,864         85,667
  Transfer agent fee ...........         9,300            275          9,695            655         13,460
  Office .......................           272            338            704          1,493          7,128
  Advertising and promotion ....        15,705              0         15,705              0         50,842
  Travel .......................         5,128              0          5,128              0         23,273
  Equity loss from investment ..             0              0              0              0         19,713
  Management and
    administrative fee .........        36,410              0         36,410              0         61,024
  Financial services ...........             0         60,000              0         60,000         60,000
  Incorporation cost
    written off ................             0              0              0              0            700
                                   -----------    -----------    -----------    -----------    -----------
Net Loss for Period ............   $   (56,622)   $   (63,537)   $  (113,928)   $   (73,474)   $  (781,934)
                                   ===========    ===========    ===========    ===========    ===========

Net Loss Per Share .............   $     (0.01)   $     (0.01)   $     (0.01)   $     (0.01)
                                   ===========    ===========    ===========    ===========

Weighted Average Number of
   Common Shares Outstanding ...     7,047,500      7,007,500      7,047,500      6,927,500
                                   ===========    ===========    ===========    ===========`

See notes to financial
statements.

---

URANIUM POWER
CORPORATION
(An Exploration Stage Company)
Statements of Stockholders' Equity
Six Months Ended October 31, 2001 (Unaudited) and Year Ended April 30, 2001
(U.S. Dollars)

`Common Stock           Treasury Stock
                                            --------------------    ---------------------   Subscription
                                            Shares     Par Value    Shares      Par Value     Received
                                            ------     ---------    ------      ---------   ------------

Balance April 30, 2000 ................   6,927,500   $   6,928     (23,000)   $     (23)   $       0
Common stock issued
  for financial services ..............     120,000         120           0            0            0
Other comprehensive
  income ..............................           0           0           0            0            0
Net loss ..............................           0           0           0            0            0
                                          ---------   ---------   ---------    ---------    ---------

Balance, April 30,  2001 ..............   7,047,500       7,048     (23,000)         (23)           0
Unaudited Information
  Subscriptions
    received ..........................           0           0           0            0      150,000
  Comprehensive
    income ............................           0           0           0            0            0
  Net loss ............................           0           0           0            0            0
                                          ---------   ---------   ---------    ---------    ---------
Balance,
  October 31,
  2001 ................................   7,047,500   $   7,048     (23,000)   $     (23)   $ 150,000
                                          =========   =========   =========    =========    =========

                                                                       Deficit
                                                                     Accumulated
                                        Additional                   During the     Total
                                          Paid-In     Comprehensive  Exploration Stockholders'
                                          Capital        Income         Stage       Equity
                                        ----------    -------------  ----------- -------------

Balance April 30, 2000 ................   $ 548,845   $       0   $(531,150)   $  24,600
Common stock issued
  for financial services ..............      59,880           0           0       60,000
Other comprehensive
  income ..............................           0       3,534           0        3,534
Net loss ..............................           0           0    (136,856)    (136,856)
                                          ---------   ---------   ---------    ---------

Balance, April 30,  2001 ..............     608,725       3,534    (668,006)     (48,722)
Unaudited Information
  Subscriptions
    received ..........................           0           0           0      150,000
  Comprehensive
    income ............................           0       8,329           0        8,329
  Net loss ............................           0           0    (113,928)    (113,928)
                                          ---------   ---------   ---------    ---------

Balance,
  October 31,
  2001 ................................   $ 608,725   $  11,863   $(781,934)   $  (4,321)
                                          =========   =========   =========    =========`

See notes to financial
statements.

---

URANIUM POWER
CORPORATION
(An Exploration Stage Company)
Statement of Cash Flows
Six Months Ended October 31, 2001 and 2000 (Unaudited) and Period from
April 3, 1998 (Inception) Through October 31, 2001
(U.S. Dollars)

`From
                                                                               Inception on
                                                                               April 3, 1998
                                                                            (Inception) Through
                                                Six Months Ended October 31,     October 31,
                                                      2001         2000             2001
                                                      ----         ----      ------------------

Operating Activities
  Net loss ......................................   $(113,928)   $ (73,474)   $(781,934)
  Adjustments to reconcile net loss
  to net cash used in operating activities
    Equity loss from investment .................           0            0       19,713
    Exploration costs acquired for shares .......           0            0      137,268
    Financial services acquired for shares ......           0       60,000       60,000
Changes in Non-Cash Working Capital
  Accounts receivable ...........................      (1,463)       4,697       (2,206)
  Accounts payable ..............................       8,642        1,661       85,522
  Advances from related party ...................      68,361            0       68,361
                                                    ---------    ---------    ---------
Cash Used by Operating Activities ...............     (38,388)      (7,116)    (413,276)
                                                    ---------    ---------    ---------

Investing Activity
  Property acquisition ..........................     (75,000)           0      (84,141)
                                                    ---------    ---------    ---------

Financing Activities
  Issuance of shares for cash ...................           0            0      389,821
  Common stock returned to treasury .............           0            0      (15,212)
  Advances from (to) joint venture ..............     (30,010)           0        2,608
  Share issue costs .............................           0            0      (40,586)
  Subscriptions received ........................     150,000            0      150,000
                                                    ---------    ---------    ---------
Cash Provided by Financing Activities ...........     119,990            0      486,631
                                                    ---------    ---------    ---------
Foreign Currency Translation ....................       8,328           88       11,863
                                                    ---------    ---------    ---------

Inflow (Outflow) of Cash ........................      14,930       (7,028)       1,077
Cash (Cheques Issued in Excess of Funds
   on Deposit), Beginning of Period .............     (13,853)      (3,187)           0
                                                    ---------    ---------    ---------

Cash, End of Period .............................   $   1,077    $ (10,215)   $   1,077
                                                    =========    =========    =========
Supplemental Disclosure of Non-Cash
Transactions
  Common stock issued for resource properties ...   $       0    $       0    $ 235,165
  Common stock issue for finder's fee ...........   $       0    $       0    $  85,000
    in joint venture ............................   $       0    $       0    $  38,930
  Common stock issued for financial services ....   $       0    $       0    $  60,000
  Transfer of resource properties for interest
    in joint venture ............................   $       0    $       0    $  38,930
                                                    =========    =========    =========`

See notes to financial
statements.

---

## URANIUM POWER
CORPORATION
(An Exploration Stage Company)
Notes to Financial Statements
Six Months Ended October 31, 2001
(U.S. Dollars)
(Unaudited)

## 1.   
BASIS OF PRESENTATION

| | These
unaudited financial statements have been prepared in accordance with generally
accepted accounting principles in the United States of America for interim
financial information. These financial statements are condensed and do not
include all disclosures required for annual financial statements. The
organization and business of the Company, accounting policies followed by the
Company and other information are contained in the notes to the Companys
audited financial statements for the year ended April 30, 2001.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
the opinion of the Companys management, these financial statements reflect
all adjustments necessary to present fairly the Companys financial
position at October 31, 2001 and April 30, 2001 and the results of operations
and the statement of cash flows for the three months ended October 31, 2001. The
results of operations for the six months ended October 31, 2001 are not
necessarily indicative of the results to be expected for the entire fiscal year.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

## 2.   
GOING CONCERN

| | These
financial statements have been prepared in accordance with generally accepted
accounting principles on a goingconcern basis. This presumes funds will be
available to finance ongoing development, operations and capital expenditures
and the realization of assets and the payment of liabilities in the normal
course of operations for the foreseeable future. Management intends to raise
additional capital through share issuances to finance operations.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company has minimal capital resources presently available to meet obligations
which normally can be expected to be incurred by similar companies and has an
accumulated deficit of $781,934. These factors raise substantial doubt about the
Companys ability to continue as a goingconcern and is dependent on its
ability to obtain and maintain an appropriate level of financing on a timely
basis and to achieve sufficient cash flows to cover obligations and expenses.
The outcome of these matters cannot be predicted. These financial statements do
not give effect to any adjustments to the amounts and classification of assets
and liabilities which might be necessary should the Company be unable to
continue as a going concern.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

## 3.   
LOSS PER SHARE

| | Net
loss per share computations are based on the weighted average number of shares
outstanding during the period.
| | -----------------------------------------------------------------------------------------------------------------

---

## URANIUM POWER
CORPORATION
(An Exploration Stage Company)
Notes to Financial Statements
Six Months Ended October 31, 2001
(U.S. Dollars)
(Unaudited)

## 4.   
PROPERTIES

|(a) | Hocking Lake Property and Henday Lake Property
|--- | ----------------------------------------------

| | By
agreement dated April 13, 1998, the Company acquired all the assets of Athabasca
Uranium Syndicate (a British Columbia, Canada syndicate) which consisted of cash
and the Hocking Lake Property and Henday Lake Property. These properties were
acquired in 1997 by the syndicate for $59,459 ($82,270 Cdn) and are reflected in
the financial statements at the sellers historical cost as the sellers are
the controlling stockholders.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Consideration
given to the members of the syndicate was 6,000,000 common shares of the Company
at a par value of $0.001 each. The cost of the assets acquired totalled $97,834.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Henday Lake Property was transferred to a joint venture in December 2000 (note
4(d)).
| | -----------------------------------------------------------------------------------------

|(b) | Saskatchewan Uranium Properties
|--- | -------------------------------

| | By
agreement dated December 16, 1998, as amended the Company has options to acquire
a 100% interest in 11 mining claims in Saskatchewan, Canada, upon incurring
cumulative expenditures of approximately $338,000 (Cdn. $500,000) by May 31,
2001 and an additional approximate $1,712,000 (Cdn. $2,500,000) by December 31,
2002. The optioner can earn back a 35% interest by incurring cumulative
expenditures of not less than approximately $2,054,000 (Cdn. $3,000,000) before
December 31, 2006. A royalty is payable at 2% of gross value (as defined) of
production if the optioner does not earn back the 35% interest.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
an agreement dated March 24, 1999, between the Company and Pacific Amber
Resources Ltd. (Pacific), the latter will earn a 50% interest in the
Saskatchewan Uranium Properties and all of the Companys rights, licences
and permits pertinent thereto held for the specific use and enjoyment thereof by
completing the initial program and incurring $325,000 (Cdn. $500,000) in
expenditures on or before December 31, 1999 as amended. A total of approximately
$324,000 (Cdn. $498,250) was incurred as of April 30, 2000. In return, the
Company issued the optionee 200,000 common shares at a deemed value of $0.65
each.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | All
exploration costs incurred on these properties have been expensed as incurred
resulting in no recognition of an asset on the balance sheet. As a result of
this policy the transfer of a 50% interest to Pacific resulted in no gain or
loss as there were no proceeds from the disposition. Additionally the
Companys issuance of 200,000 shares to Pacific was expensed as exploration
costs when incurred.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

## URANIUM POWER
CORPORATION
(An Exploration Stage Company)
Notes to Financial Statements
Six Months Ended October 31, 2001
(U.S. Dollars)
(Unaudited)

4.   
PROPERTIES (Continued)

|(c) | Northern mining property
|--- | ------------------------

| | By
agreement dated July 29, 1998 (subsequently extended to July 1, 2000) the
Company acquired a 100% interest in a mining claim in Northern Mining District,
Saskatchewan by issuing 50,000 free trading common stock as a finders fee
to an unrelated party and paying $13,375 Cdn. to the vendor of the property. The
vendor has the right to receive $0.35 per pound of the uranium minerals mined
from the claim if the price is $18.00 per pound or less, $0.50 per pound where
the price is $18.00 per pound or more, or a 3% net smelter royalty if other
minerals are mined from the claims.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
transaction was accounted for valuing the common stock issued at $25,000 plus
the sellers historical cost of $9,141 ($13,375 Cdn.).
| | ----------------------------------------------------------------------------------------------------------------------------------------

|(d) | Uranium Holdings Corporation
|--- | ----------------------------

| | Pursuant
to a letter of intent dated December 1, 2000 with one of its stockholders, the
Company transferred all its rights to the Henday Lake Properties to a newly
formed company, Uranium Holdings Corporation (UHC), a Nevada
Corporation, in exchange for $131,183 (CDN $199,713) to be spent on the Henday
Lake Properties and 20% of the equity of UHC.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | As
part of the agreement, the Company executed a note in favour of UHC (U.S. $2,608
at October 31, 2001; (CDN $4,061). The note is noninterest bearing and payable
on demand upon the closure of the sale of controlling interest in the Company to
a third party, or at such time as the Company acquires funds from another
source.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company will continue to hold a 20% interest in the claims transferred to UHC
regardless of the equity issued subsequent to the incorporation of UHC. The
Company shall have a carried interest in the claims until such time as a total
of $163,334 (CDN $250,000) inclusive of the $94,080 (CDN $144,000) required for
the first work program has been expended.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Subsequent
to such expenditure, the Company shall retain the right to participate on the
same basis as the investors in future expenditure programs on a prorata basis.
Should the Company not provide the requested funds within 30 days of written
demand, the Companys 20% interest shall be reduced in such manner as may
reasonably be negotiated between the parties.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

## URANIUM POWER
CORPORATION
(An Exploration Stage Company)
Notes to Financial Statements
Six Months Ended October 31, 2001
(U.S. Dollars)
(Unaudited)

4.   
PROPERTIES (Continued)

|(e) | Athabaska
Oil Project
|--- | ---------------------

| | The
Company has signed an Option Agreement with a private company that grants the
Company an option to purchase all the issued and outstanding shares in the
capital stock of Anhydride Petroleum (Canada) Inc. (Anhydride). The
private company holds all of the issued and outstanding stock of Anhydride. The
Company must execute this agreement on or before January 14, 2002. Anhydride
owns certain petroleum and natural gas parcels and rights in the Province of
Alberta, Canada (the Athabaska Oil Project). Consideration for the
grant of the option was as follows:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) | payment of U.S. $75,000 (paid);
| | --- | -------------------------------

| | (b) | issue of transferrable share purchase warrants (issued) for 1,000,000 shares of
the Company at U.S. $0.01 per share exercisable on or before July 25, 2003
(issued); and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | commit to pay all costs to a maximum of U.S. $60,000 for completion or
abandonment of an existing well of Anhydride.
| | --- | --------------------------------------------------------------------------------------------------------------------

| | The
Company is required to complete the following to exercise the option:
| | -------------------------------------------------------------------------

| | (a) | deliver U.S. $100,000 to the private company;
| | --- | ---------------------------------------------

| | (b) | assume the obligations of Anhydride of a promissory note of CDN. $300,000 (U.S.
$192,700) and a bonus of CDN. $100,000 (U.S. $64,230) to the
lenders;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | issue to the private company or assigns 3,950,000 shares at a deemed price of
U.S. $0.001 per share; and
| | --- | --------------------------------------------------------------------------------------------------------

| | (d) | grant the private company the transferable right to subscribe for 500,000 shares
at U.S. $0.01 per share for a one year period following the successful test of
the initial well.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

## URANIUM POWER
CORPORATION
(An Exploration Stage Company)
Notes to Financial Statements
Six Months Ended October 31, 2001
(U.S. Dollars)
(Unaudited)

## 5.   
STOCK OPTION PLAN

| | The
Company has adopted an incentive and a nonstatutory stock option plan effective
August 31, 1999 whereby up to 1,200,000 shares of common stock may be optioned
and sold up to August 31, 2019 or until sooner terminated. Incentive options
granted will have an exercise price of not less than 100% of fair market value
(as defined) per share on the date of grant. Options may be granted for a term
of up to ten years except incentive options granted to persons owning more than
10% of the combined voting stock of all classes, in which case the term is five
years.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | During
the period the Company issued 1,200,000 options to acquire that same number of
shares at $0.27 per share until August 21, 2006.
| | --------------------------------------------------------------------------------------------------------------------------------------

## 6.   
COMMON STOCK AND WARRANTS

| | As
at October 31, 2001 the Company had issued 1,028,111 shares in error which were
subsequently returned to treasury. Consequently, these shares are not reflected
as issued as at October 31, 2001.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company issued transferable share purchase warrants for 1,000,000 shares at U.S.
$0.01 per share exercisable on or before July 25, 2003.
| | --------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company received $150,000 in share subscriptions pertaining to a private
placement of 1,500,000 shares at $0.10 per share.
| | ------------------------------------------------------------------------------------------------------------------------------

---

## Item 2.   
Managements Discussion and Analysis of Financial Condition and Results of
Operations

The
following information should be read in conjunction with the unaudited
consolidated financial statements included herein, which are prepared in
accordance with generally accepted accounting principles (GAAP) in
the United States for interim financial information. All dollar amounts in this
form are in U.S. dollars unless otherwise stated.

Results of Operations

As
of the date of this Report, the operations of Uranium Power Corporation (the
Company) have been speculative. The Company incurred a loss in the
quarter ended October 31, 2001, and has not had revenues from its operations to
date. The Company has been dependent, and continues to rely upon, the sale of
equity securities in order to fund its exploration activities. Its ability to
continue its operations is dependent on the ability of the Company to continue
to obtain financing.

The
Company has historically been involved in the exploration of uranium properties
located in the Athabasca Basin of northern Saskatchewan, Canada. It owns a 20%
interest in two properties totaling 78,352 acres and has options to acquire a
100% interest in six additional properties. These six properties, with eleven
mining claims, may be acquired through an option agreement with Phelps Dodge
Corporation of Canada, Ltd. (PDC). During the quarter ended October
31, 2001 no exploration work was conducted.

On
September  10,  2001  the  Company   entered  into  an  Option   Agreement  (the
Option Agreement) with October Sun, a Nevada corporation, to acquire
certain petroleum or natural gas parcels and rights held by its subsidiary.  The
Option  Agreement  provides,  among other things,  for the issuance of 3,950,000
shares to October Sun upon closing,  plus a warrant to acquire 500,000 shares of
the  Companys  common  stock at $0.01  per  share,  the  assumption  of US
$192,700 in debt and  $100,000 in cash.  Upon signing the Option  Agreement  the
Company  paid  US  $75,000,   issued  warrants  to  purchase  1,000,000  of  the
Companys  common stock at $0.01 per share, and committed to pay US $60,000
for  completion or  abandonment  of an existing  well. The closing date has been
extended to January 15, 2001.

Changes in Financial
Condition

Net
loss for the threemonth period ended October 31, 2001 was $56,622, or $0.01 per
share, compared with a net loss of $63,537, or $0.01 per share, for the same
period of 2000. The Company will continue to rely on funding from financing
sources in order to proceed with its development activities. Since no work is
required during the next year on the Phelps Dodge claims, these claims will be
unaffected by the Companys lack of funding. However, if the Company closes
under the Option Agreement it believes it will concentrate in the near term on
the exploration or development of petroleum and natural gas parcels and rights.
This will require that the Company obtain additional funding.

---

Forward-Looking
Statements

Discussions
and information in this document which are not historical facts should be
considered forwardlooking statements. With regard to forwardlooking statements,
including those regarding the potential revenues from the mining and development
of uranium properties and the business prospects or any other aspect of the
Company, actual results and business performance may differ materially from that
projected or estimated in such forwardlooking statements. The Company has
attempted to identify in this document certain of the factors that it currently
believes may cause actual future experience and results to differ from its
current expectations. In addition to the risks cited above regarding the need
for the Company to continue to obtain financing to be able to continue operating
and risks specific to the exploration and mining of uranium, differences may be
caused by a variety of factors, including adverse economic conditions, entry of
new and stronger competitors, inadequate capital and the inability to obtain
funding from third parties, unexpected costs, inability to obtain or keep
qualified personnel and the volatility of uranium markets and prices.

# PART II
OTHER INFORMATION

## Item 2.   
Recent Sales of Unregistered Securities

Upon
signing the Option  Agreement on September 10, 2001 the Company issued a warrant
to October Sun to purchase 1,000,000 shares of the  Companys  common stock
at $0.01 per share  exercisable  until July 25,  2003.  This  warrant was issued
pursuant to the  exemption  under  Section 4(2) of the  Securities  Act of 1933.

On
August 21, 2001 the Company also issued options to acquire an aggregate of
1,200,000 shares of the Companys common stock to its officers, directors
and consultants, exercisable for five years at a price of US $0.27 per share.
These options were granted under the Companys Stock Option Plan. To the
extent the grant of these options might be considered the sale of a security,
these options were issued under Section 4(2) of the Securities Act of 1933.

## Item 6.   
Exhibits and Reports on Form 8K

|(a) | 3.1      Articles of Incorporation. (1)
3.2      Bylaws.(1)
10.1     Option Agreement dated September  10, 2001 and
Amendment dated October 10, 2001.
Filed herewith.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

_______________

|(1) | Incorporated by reference
from the Companys Registration Statement on Form 10SB, filed with the SEC
on October 14, 1999.
|--- | -------------------------------------------------------------------------------------------------------------------------

|(b) | Reports on Form 8-K: During the quarter ended October 31, 2001, the Company filed
no reports on Form 8K.
|--- | --------------------------------------------------------------------------------------------------------

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# SIGNATURES

Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this Form 10QSB to be signed on its behalf by the undersigned
thereunto duly authorized.

URANIUM POWER CORPORATION
Date:  December 19, 2001        
    
            
            
            
            
         
        By:
/s/ Thornton J. Donaldson
                
                
                
                
          
                
                
        
       Thornton J. Donaldson, President and Director

Date:  December 19, 2001        
    
            
            
            
            
         
        By:
/s/ William G. Timmins
                
                
                
                
          
                
                
        
       William G. Timmins, Secretary and Director

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