# EXPLORATION
AGREEMENT

THIS AGREEMENT
is made the 25th day of November, 2002,

BETWEEN:

| | Anhydride
Petroleum Canada Inc., a corporation incorporated under the laws of
Alberta and having an office located at Suite 850 - 10655 Southport Rd. S.W.,
Calgary, Alberta T2W 4Y1
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | ("API
Canada")
| | --------------

AND:

| | Larry
J. Thompson, of #15 Briarwood Way, Stony Plain, AB T7Z 2R4
| | ----------------------------------------------------------------

| | (the
"Farmee")
| | --------------

WHEREAS:

|A. |  | API
Canada is the holder of certain  petroleum  and  natural  gas  licenses  and rights to
farmin to a  further  petroleum  and natural gas license  located in Alberta,
collectively  known as the  Athabasca  Prospect; and
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|B. |  | API
Canada  has  granted  the  Farmee a right to farmin  to the  Athabasca  Prospect  on the
terms and  subject to the conditions contained in this Agreement;
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------

NOW
THEREFORE THIS AGREEMENT WITNESSES that in consideration of the mutual
covenants and agreements hereinafter contained and for other good and valuable
consideration (the receipt and sufficiency of which is hereby acknowledged), the
parties hereto covenant and agree each with the others as follows:

# ARTICLE
I
INTERPRETATION

1.1
Definitions. In this Agreement:

|"Lands"
or "Athabasca Prospect" |  | means  Alberta  Petroleum  and Natural Gas License Nos.
5401070160,  5401070162, 5401070163 and 5494040101.
|------------------------------- |  | -----------------------------------------------------------------------------------------------------------

|"URMP" |  | Uranium
Power Corporation.
|------ |  | --------------------------

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|1.2 |  | Included
Words. This Agreement shall be read with such changes in gender or number as the
context shall require.
|--- |  | ----------------------------------------------------------------------------------------------------------------

|1.3 |  | Headings. The headings to the articles, sections, subsections,
paragraphs, parts or clauses of this Agreement are inserted for convenience only
and shall not affect the construction hereof.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.4 |  | References. Unless otherwise stated, a reference herein to a
numbered or lettered article, section, subsection, paragraph, clause or schedule
refers to the article, section, subsection, paragraph, clause or schedule
bearing that number or letter in this Agreement. A reference to this
article, section, subsection, paragraph, clause or schedule means the article,
section, subsection, paragraph, clause or schedule in which the reference
appears. A reference to this Agreement, hereof,
hereunder, herein or words of similar meaning, means
this agreement including the schedules hereto, together with any amendments
thereof.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# ARTICLE
II
EXPLORATION
AND DEVELOPMENT

|2.1 |  | Farmout. Subject to the Farmee funding the costs under section
2.2, the Farmee shall have the right to fund and earn an interest in the Lands,
before and after payout, on the terms and conditions provided in this Article 2.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.2 |  | Farmout
Cost. The Farmee shall earn a 1% working interest, before and after payout, up to a
maximum of a 6.48148% working interest, in the Lands for each $54,000 of expenditures
incurred by the Farmee:
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(a) |  | in
oil and gas exploration  activities on the Lands,  including,  without limitation,
seismic  studies, reworking of existing wells, drilling and surveying; and
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | rental
payments made in respect of the Lands;
|--- |  | ---------------------------------------------

| | provided
that the Farmees working interest in the Lands, before and after payout,
shall be subject to a 9.5% royalty and government royalties. All expenditures
incurred in respect of the Lands following execution of this Agreement by the
Farmee shall be at the expense of the Farmee, provided that on the Farmee
earning a 6.48148% interest in the Lands, all additional expenditures to be
incurred in respect of the Lands shall be incurred in proportion to the working
interests in the Lands.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.3 |  | Farmout Agreement. For each well drilled in which the Farmee
is entitled, and elects, to participate, API Canada and the Farmee shall enter
into a farmout agreement in the form to be agreed between the parties.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2.4 |  | Operator.
API Canada, or its agents, shall act as operator in respect of the exploration
and development of the Lands under this Agreement.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------

2

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# ARTICLE
III
COVENANTS
AND ACKNOWLEDGEMENTS

|3.1 |  | Call Option. The Farmee shall grant to URMP a call option under
which URMP may acquire all of the Farmees working interest in the Lands in
consideration of paying a predetermined purchase amount. The purchase amount
shall be comprised of a base amount and a performance amount where the base
amount is equal to 130% of the incurred earn-in expenditures of the Farmee paid
in shares of URMP with such shares valued at the average five day closing price
at the time the call option is exercised. API Canada is an indirect wholly-owned
subsidiary of URMP and the shares of URMP are quoted on the over-the-counter
bulletin board system of the National Association of Securities Dealers in the
United States. The shares to be issued by URMP will be restricted securities in
the United States and be subject to resale restrictions in the United States and
Canada. URMP will file a registration statement with the Securities and Exchange
Commission (the SEC) in the United States registering the shares for
sale. The performance amount is dependent on whether URMP complies with its
obligations to file a registration statement with the SEC. The performance
amount will initially be nil. For every 90-day period following the exercise of
the call option that expires without a registration statement being filed, the
performance amount will be increased by 20% of the incurred earn-in expenditures
of the Farmee paid in shares of URMP. For every 45-day period that expires
without URMP responding to comments on the registration statement from the SEC,
the performance amount will include an additional 20% of the incurred earn-in
expenditures of the Farmee paid in shares of URMP. The performance amount will
be paid, as earned, in shares of URMP with such shares valued at the average
five day closing price at the time the respective performance amount is earned.
On the sooner of the registration statement becoming effective or the shares
issued on exercise of the call option otherwise becoming free of resale
restrictions, the performance amount shall cease to accrue and no further shares
of URMP will be payable.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3.2 |  | URMP Warrants. In consideration of the grant of the call option by
the Farmee under this Agreement, API Canada shall cause URMP to issue to the
Farmee transferable warrants to acquire up to 350,000 common shares in the
capital of URMP exercisable at a price of US $0.25 per share for a period of one
year. The warrants will vest in proportion to the working interest earned in the
Lands by the Farmee. For each 1% working interest earned in the Lands, warrants
to acquire 54,000 common shares of URMP will vest and be immediately exercisable
(and warrants to acquire a pro rata portion of 54,000 common shares of URMP will
vest for any fractional working interest earned in the Lands). The shares issued
on exercise of the warrants will be subject to resale restrictions.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3

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|3.3 |  | Piggy-Back Rights. API Canada and the Farmee acknowledge that API
Canada has entered into a farmin agreement dated July 10, 2002 with Anhydride
Petroleum Limited Partnership (the Limited Partnership) in respect
of the farmin by the Limited Partnership of up to a 25% working interest in the
Lands. In the event URMP acquires the Limited Partnerships working
interest in the Lands, the Farmee may on written notice to API Canada require
API Canada to cause URMP to acquire the Farmees working interest in the
Lands on the same terms and conditions as the Limited Partnerships working
interest.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# ARTICLE
IV
NOTICE

|4.1 |  | Notice. Any notice or other writing required or permitted to be
given hereunder or for the purposes hereof shall be sufficiently given if
delivered or telecopied to the party to whom it is given at:
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(a) |  | if
to API Canada:
|--- |  | -----------------

| | Anhydride
Petroleum Canada Inc.
Suite 850 - 10655 Southport Rd. S.W.
Calgary, Alberta T2W 4Y1
Attention:  President
Telecopier no.:  (403) 256-9473
| | ---------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | if
to the Farmee:
|--- |  | -----------------

| | Larry
J. Thompson
#15 Briarwood Way, Stony Plain
AB T7Z 2R4
Telecopier no.:  ___________________
| | ------------------------------------------------------------------------------------------------

| | Any
notice given as aforesaid shall be deemed to have been given or made on, if
delivered, the date on which it was delivered or, if telecopied, on the next
business day after it was telecopied. Any party hereto may change its address
for notice from time to time by notice given to the other parties hereto in
accordance with the foregoing.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# ARTICLE
V
GENERAL PROVISIONS

|5.1 |  | Entire Agreement. This Agreement constitutes the entire agreement
between the parties and replaces and supersedes all prior agreements, memoranda,
correspondence, communications, negotiations and representations, whether oral
or written, express or implied, statutory or otherwise between the parties with
respect to the subject matter herein. This Agreement may not be amended or
modified except by an instrument in writing signed by each of the parties
hereto.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4

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|5.2 |  | Waiver.
No consent or waiver, express or implied, by any party to or of any breach or default
by any other party of any or all of its obligations under this Agreement will:
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(a) |  | be
valid unless it is in writing and stated to be a consent or waiver hereunder;
|--- |  | --------------------------------------------------------------------------------

|(b) |  | be
relied  upon as a consent  or waiver to or of any other  breach or  default  of the same
or  any other obligation;
|--- |  | ---------------------------------------------------------------------------------------------------------------------

|(c) |  | constitute
a general waiver under this Agreement; or
|--- |  | ----------------------------------------------------

|(d) |  | eliminate
or modify  the need for a  specific  consent  or waiver in any other or  subsequent
instance.
|--- |  | -------------------------------------------------------------------------------------------------------

|5.3 |  | Further
Assurances. The parties will execute such further and other documents and do such
further and other things as may be necessary or convenient to carry out and give
effect to the intent of this Agreement.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5.4 |  | Time
of the Essence. Time shall be of the essence in the performance of this Agreement.
|--- |  | ---------------------------------------------------------------------------------------

|5.5 |  | Enurement.
This Agreement shall enure to the benefit of and be binding upon the parties hereto
and their respective successors and assigns.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------

|5.6 |  | Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the Province of British Columbia and the laws of
Canada applicable therein without reference to British Columbias conflict
of law rules.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5.7 |  | Fax
and Counterpart. This Agreement may be executed by fax and in counterparts.
|--- |  | -------------------------------------------------------------------------------

IN
WITNESS WHEREOF the parties hereto have executed this Agreement as of the
day and year first above written.

ANHYDRIDE
PETROLEUM CANADA INC.

Per:
__________________________________________
     Authorized
Signatory

______________________________________________Larry J. Thompson

5

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