# 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 January 31, 2003

| | [  ] | 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
     (State or other jurisdiction of
     incorporation or organization) | None
              (I.R.S.
Employer Identification No.)
|--------------------------------------------------------------------------------- | -------------------------------------------------------

206-475
Howe Street, Vancouver, British Columbia, Canada V6C 2B3
(Address of Principal Executive Offices)   
   (Zip Code)

Registrant's
telephone number, including area code:     (604)
685-8355

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 March 20, 2003 is 13,149,500 shares of Common Stock.

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

---

URANIUM
POWER CORPORATION
Index

Page

PART I.
FINANCIAL INFORMATION

| | Item
1. Financial Statements
| | ----------------------------

| | Consolidated
Balance Sheets (U.S. Dollars) for the nine months endedJanuary 31, 2003 (UNAUDITED) and
year ended April 30, 2002 | 3
| | ------------------------------------------------------------------------------------------------------------------------------ | -

| | Consolidated
Statements of Operations (U.S. Dollars) for the nine months ended January 31, 2003 and
2002 (UNAUDITED) | 4
| | -------------------------------------------------------------------------------------------------------------------- | -

| | Consolidated
Statements of Stockholders Equity (Deficiency) (U.S. Dollars)for the nine months ended
January 31, 2003 (UNAUDITED)and year ended April 30, 2002 | 5
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------- | -

| | Consolidated
Statements of Cash Flows for the nine monthsended January 31, 2003 and 2002 (UNAUDITED) | 6
| | ---------------------------------------------------------------------------------------------------- | -

| | Notes
to Consolidated Financial Statements | 7-17
| | ------------------------------------------ | ----

| | Item
2. Managements Discussion and Analysis of FinancialConditions and Plans of Operations | 18-22
| | ------------------------------------------------------------------------------------------- | -----

| | Item
3.  Controls and Procedures | 22
| | -------------------------------- | --

PART II. OTHER
INFORMATION

| | Item
2. Changes in Securities; Recent Sales of UnregisteredSecurities | 22-23
| | --------------------------------------------------------------------- | -----

| | Item
6.  Exhibits and Reports on Form 8-K | 23
| | ----------------------------------------- | --

| | Signatures | 24
| | ---------- | --

| | Certifications | 25-26
| | -------------- | -----

2

---

# URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Consolidated Balance Sheets (U.S. Dollars)

|                                                           | January 31,2003(UNAUDITED) | April 30,2002(AUDITED)
|---------------------------------------------------------- | -------------------------- | ----------------------
|ASSETS                                                     |                            |                       
|Current                                                    |                           
|Cash                                                       |                            | $      18,393         
|Accounts Receivable                                        |                            | 77,933                
|Prepaid exploration costs                                  |                            | 25,263                
|Due from Joint Venture Partners                            |                            | --                    
|                                                           |                            |                       
|                                                           |                            | 121,589               
|Properties (note 4)                                        |                            | 822,219               
|Investment in Uranium Holdings Corporation (note 4)        |                            | 815                   
|                                                           |                            |                       
|                                                           |                            | $    944,623          
|                                                           |                            |                       
|                                                           |                            |                       
|LIABILITIES                                                |                           
|Current                                                    |                           
|Accounts Payable                                           |                            | $    746,414          
|Due to Uranium Holdings Corporation                        |                            | 3,984                 
|Due to Related Parties (note 8)                            |                            | 782,816               
|                                                           |                            |                       
|                                                           |                            | 1,533,214             
|                                                           |                            |                       
|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                                                     |                           
|12,989,860 Common stock (note 7)                           |                            | 12,990                
|Subscriptions Received (note 7)                            |                            | 15,962                
|Treasury Stock (note 7) 23,000 Common stock                |                            | (23                   
|Additional Paid-In Capital                                 |                            | 1,297,295             
|Deficit Accumulated During Exploration Stage               |                            | (1,918,605            
|Other Comprehensive Income                                 |                            | 3,790                 
|                                                           |                            |                       
|                                                           |                            | (588,591              
|                                                           |                            |                       
|                                                           |                            | $    944,623          
|                                                           |                            |                       
|                                                           |                            |                       

See
notes to consolidated financial statements

3

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Consolidated Statement of Operations (U.S. Dollars)
For the nine months ended January 31, 2003 and 2002
(Unaudited  Prepared by Management)

|                                  | Three months EndedJanuary 31, 2003             2002 | Nine months EndedJanuary 31, 2003             2002 | From inceptionon April 3, 1998throughJanuary 31,2003 |                 |  
|--------------------------------- | --------------------------------------------------- | -------------------------------------------------- | ---------------------------------------------------- | --------------- | -
|Expenditures                      |                                                     |                                                    |                                                      |                 |  
|Management Fee                    |                                                     | $       18,000                                     |                                                      | $      36,000   |  
|Advertising and Promotion         |                                                     | 67,059                                             |                                                      | (748            | )
|Consulting                        |                                                     | 45,000                                             |                                                      | --              |  
|Travel                            |                                                     | 8,710                                              |                                                      | --              |  
|Professional Fees                 |                                                     | 26,234                                             |                                                      | --              |  
|Transfer Agent Fees               |                                                     | 1,371                                              |                                                      | 193             |  
|Rent                              |                                                     | 1,442                                              |                                                      | 1,417           |  
|Office                            |                                                     | 1,522                                              |                                                      | 1,705           |  
|Interest and Bank Charges         |                                                     | 195                                                |                                                      | --              |  
|Equity loss from investment       |                                                     | --                                                 |                                                      | --              |  
|Incorporation cost written off    |                                                     | --                                                 |                                                      | --              |  
|Exploration costs                 |                                                     | 357,736                                            |                                                      | 1,687           |  
|Foreign exchange                  |                                                     | 20,542                                             |                                                      | --              |  
|Write-off of Exploration Property |                                                     | --                                                 |                                                      | --              |  
|                                  |                                                     |                                                    |                                                      |                 |  
|Net Loss for Period               |                                                     | $     547,811                                      |                                                      | $      40,254   |  
|                                  |                                                     |                                                    |                                                      |                 |  
|                                  |                                                     |                                                    |                                                      |                 |  
|Net Loss Per Share                |                                                     | $           0.04                                   |                                                      | $          0.01 |  
|                                  |                                                     |                                                    |                                                      |                 |  
|                                  |                                                     |                                                    |                                                      |                 |  
|Weighted Average Number of        |                                                    
|shares Outstanding                |                                                     | 12,560,277                                         |                                                      | 7,047,500       |  
|                                  |                                                     |                                                    |                                                      |                 |  
|                                  |                                                     |                                                    |                                                      |                 |  

See
notes to consolidated financial statements

4

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
 Consolidated Statement of of Stockholders Equity (Deficiency) (U.S. Dollars)
For the Nine Months Ended January 31, 2003 (unaudited) and Year Ended April 30,2002

|                                      | Common StockShares  Par Value | Treasury StockShares  Par Value | AdditionalPaid-InCapital | SubscriptionsReceived | OtherComprehensiveIncome | DeficitAccumulatedDuring theExplorationStage | TotalStockholdersEquity(Deficiency) |     
|------------------------------------- | ----------------------------- | ------------------------------- | ------------------------ | --------------------- | ------------------------ | -------------------------------------------- | ------------------------------------ | ----
|Balance April 30, 2001                |                               | 7,047,500                       |                          | $  7,048              |                          | (23,000                                      | )                                    | $(23
|Common stock issued for cash          |                               | 987,000                         |                          | 987                   |                          | --                                           |                                      | --  
|Subscriptions received                |                               | --                              |                          | --                    |                          | --                                           |                                      | --  
|Stock option comprehensive expense    |                               | --                              |                          | --                    |                          | --                                           |                                      | --  
|Other comprehensive income            |                               | --                              |                          | --                    |                          | --                                           |                                      | --  
|Common stock deemed to be issued      |                              
|(note 2)                              |                               | 3,950,000                       |                          | 3,950                 |                          | --                                           |                                      | --  
|Warrants granted on purchase (note 2) |                               | --                              |                          | --                    |                          | --                                           |                                      | --  
|Net loss                              |                               | --                              |                          | --                    |                          | --                                           |                                      | --  
|                                      |                               |                                 |                          |                       |                          |                                              |                                      |     
|Balance, April 30,  2002              |                               | 11,984,500                      |                          | 11,985                |                          | (23,000                                      | )                                    | (23 
|Common Shares issued for cash         |                               | 1,005,360                       |                          | 1,005                 |                          | --                                           |                                      | --  
|Subscriptions received                |                               | --                              |                          | --                    |                          | --                                           |                                      | --  
|Stock option comprehensive expense    |                               | --                              |                          | --                    |                          | --                                           |                                      | --  
|Net loss                              |                               | --                              |                          | --                    |                          | --                                           |                                      | --  
|                                      |                               |                                 |                          |                       |                          |                                              |                                      |     
|Balance, January 31, 2002             |                              
|and October 31, 2002                  |                               | 12,989,860                      |                          | $12,990               |                          | (23,000                                      | )                                    | $(23
|                                      |                               |                                 |                          |                       |                          |                                              |                                      |     
|                                      |                               |                                 |                          |                       |                          |                                              |                                      |     
|                                      |                               |                                 |                          |                       |                          |                                              |                                      |     

See
notes to consolidated financial statements

---

## URANIUM
POWER CORPORATION
(An Exploration Stage Company)
Consolidated Statement of Cash Flows (U.S. Dollars)
(Unaudited  Prepared by Management)

|                                        | For the Nine Months EndedJanuary 31,  2003              2002 | From inceptionon April 3, 1998to January 31,2003 |  
|--------------------------------------- | ------------------------------------------------------------ | ------------------------------------------------ | -
|Operating Activities                    |                                                              |                                                  |  
|Net loss                                |                                                              | $(897,891                                        | )
|Adjustments to reconcile net loss to    |                                                             
|net cash used in operating activities   |                                                             
|Compensation expenses                   |                                                              | 39,776                                           |  
|Exploration costs acquired for shares   |                                                              | --                                               |  
|Equity loss from investment             |                                                              | --                                               |  
|Financial services acquired for shares  |                                                              | --                                               |  
|Write-down of exploration property      |                                                              | --                                               |  
|Changes in Non-cash Working Capital     |                                                             
|Accounts Receivable                     |                                                              | (96,925                                          | )
|Accounts Payable                        |                                                              | 674,341                                          |  
|                                        |                                                              |                                                  |  
|                                        |                                                              | (280,699                                         | )
|                                        |                                                              |                                                  |  
|Investing Activity                      |                                                             
|Property acquisition                    |                                                              | (75,048                                          | )
|                                        |                                                              |                                                  |  
|Financing Activities                    |                                                             
|Issuance of shares for cash             |                                                              | 108,536                                          |  
|Common stock returned to treasury       |                                                              | --                                               |  
|Share issue costs                       |                                                              | --                                               |  
|Advances for Uranium Holdings Corp      |                                                              | (12,872                                          | )
|Advances from related parties           |                                                              | 337,860                                          |  
|Subscriptions received                  |                                                              | (96,538                                          | )
|                                        |                                                              |                                                  |  
|                                        |                                                              | 336,986                                          |  
|                                        |                                                              |                                                  |  
|Foreign Currency Translation            |                                                              | --                                               |  
|Inflow (Outflow) of Cash                |                                                              | (18,761                                          | )
|Cash (cheques issued in excess of funds |                                                             
|on deposit), Beginning of Period        |                                                              | 37,154                                           |  
|                                        |                                                              |                                                  |  
|Cash, End of Period                     |                                                              | $   18,393                                       |  
|                                        |                                                              |                                                  |  
|                                        |                                                              |                                                  |  
|Non-Cash Financing Activities           |                                                             
|Common stock deemed to be issued        |                                                             
|for resource properties                 |                                                              | $          --                                    |  
|                                        |                                                              |                                                  |  
|                                        |                                                              |                                                  |  
|Warrants granted on purchase of         |                                                             
|resource properties                     |                                                              | $          --                                    |  
|                                        |                                                              |                                                  |  
|                                        |                                                              |                                                  |  
|Common stock issued for services        |                                                              | $          --                                    |  
|                                        |                                                              |                                                  |  
|                                        |                                                              |                                                  |  

See
notes to consolidated financial statements

6

---

## URANIUM
POWER CORPORATION
Notes to Consolidated Financial Statements (U.S. Dollars)
For the Nine Months Ended January 31, 2003
(Unaudited  Prepared by Management)

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 filed as part of the Companys April 30, 2002
Form 10KSB.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
the opinion of the Companys management, these financial statements reflect
all adjustments necessary to present fairly the Companys financial
position at January 31, 2003 and April 30, 2002 and the results of operations
and the statement of cash flows for the nine months ended January 31, 2003. The
results of operations for the nine months ended January 31, 2003 are not
necessarily indicative of the results to be expected for the entire fiscal year.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | These
consolidated financial statements include the accounts of the Company and its
wholly owned subsidiary, Anhydride Petroleum (USA) Inc. (Anhydride
USA) and Anhydride USAs wholly owned subsidiary Anhydride Petroleum
(Canada) Inc. (Anhydride Canada) acquired April 30, 2002.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2.
GOING CONCERN

| | These
financial statements have been prepared in accordance with generally accepted
accounting principles on a going-concern basis. This presumes funds will be
available to finance on-going 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 a
stockholders deficiency of $588,591. These factors raise substantial doubt
about the Companys ability to continue as a going-concern and are
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.

7

---

## URANIUM
POWER CORPORATION
Notes to Consolidated Financial Statements (U.S. Dollars)
For the Nine Months Ended January 31, 2003
(Unaudited  Prepared by Management)

4.
PROPERTIES

|                         | FirebagProspect(note 4(e)) | Athabasca OilProspectnote 4(d) | Henday LakeProperties(note 4(a)) | DistrictSaskatchewan | Total
|------------------------ | -------------------------- | ------------------------------ | -------------------------------- | -------------------- | -----
|Balance April 30, 2001   |                            | $       --                     |                                  | $         --         |      
|Acquisition of property  |                            | 26,769                         |                                  | 720,401              |      
|Write-off exploration    |                           
|Property                 |                            | --                             |                                  | --                   |      
|                         |                            |                                |                                  |                      |      
|Balance April 30, 2002   |                            | 26,769                         |                                  | 720,401              |      
|Acquisition of Property  |                            | 18,176                         |                                  | 56,872               |      
|                         |                            |                                |                                  |                      |      
|Balance January 31, 2003 |                            | $44,945                        |                                  | $777,273             |      
|                         |                            |                                |                                  |                      |      
|                         |                            |                                |                                  |                      |      

(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 (CDN  $82,270) 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 stock 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 Uranium Holdings Corporation in December  2000
(note 6(b)). As of April 30, 2002 all claims related to the  Hocking Lake
Property had lapsed.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(b)
Saskatchewan Uranium Property

| | By
agreement dated December 16, 1998, the Company acquired 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, 2000 as amended
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.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8

---

## URANIUM
POWER CORPORATION
Notes to Consolidated Financial Statements (U.S. Dollars)
For the Nine Months Ended January 31, 2003
(Unaudited  Prepared by Management)

4.
PROPERTIES (continued)

| | By
an agreement dated March 24, 1999, between the Company and Pacific Amber  Resources Ltd. (Pacific),
the latter acquired the right to 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 stock at a
deemed value of $0.65 per share.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | As
of December 31, 2002, three claims related to these properties remain in good  standing,
however the Company failed to make the property expenditures of  approximately $1,712,000
(CDN  $2,500,000) or to renegotiate its agreement  and the claims have reverted
back to the optionor. The Company is still trying  to renegotiate this agreement.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(c)
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 Property 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  Property and 20% of the
equity of UHC.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | As
part of the agreement, the Company executed a note in favour of UHC for $38,005  (CDN
 $58,376). The note is non-interest 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. As of April 30, 2002,  $145,084 had been spent on the property.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

9

---

## URANIUM
POWER CORPORATION
Notes to Consolidated Financial Statements (U.S. Dollars)
For the Nine Months Ended January 31, 2003
(Unaudited  Prepared by Management)

4.
PROPERTIES (continued)

| | 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 pro-rata 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.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(d)
Athabasca Oil Prospect

|(a) |  | During
the year ended April 30, 2002, the Company signed an Option Agreement  with October Sun,
a Nevada Corporation (October Sun) to purchase all  the issued and
outstanding shares in the capital stock of Anhydride Canada owned  by October Sun.
Anhydride Canada owns certain petroleum and natural gas parcels  and rights in the
Province of Alberta, Canada. Consideration was as follows:
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|i) |  | payment
of $75,000 (paid);
|-- |  | --------------------------

|ii) |  | issuance
of transferable  share purchase  warrants (issued) for 1,000,000 shares of the Company at
$0.01 per share exercisable on or before July 25, 2003 to third parties;
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|iii) |  | commit
to pay all costs to a maximum of $60,000 for completion or  abandonment  of an existing
well that Anhydride  Canada had  the rights to explore; and
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------

|iv) |  | issue
options to third parties, entitling 500,000 shares of common stock of the  Company, to be
purchased at $0.27 per share, until August 21, 2006 (issued).
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | The
Company completed the following to exercise the option:
|--- |  | -----------------------------------------------------------

|(i) |  | delivered
$100,000 by way of demand promissory note to October Sun (note 8);
|--- |  | ----------------------------------------------------------------------------

|(ii) |  | assumed
the obligations of Anhydride Canada of a promissory note of $192,700  (CDN  $300,000)
and a bonus of $64,230 (CDN  $100,000) to the  lenders; (this obligation has been
paid off in full);
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(iii) |  | deemed
to be issued to the private company or assigns 3,950,000 shares;
|----- |  | -----------------------------------------------------------------------

|(iv) |  | granted
October Sun a transferable warrant to subscribe for 500,000 shares at  $0.01 per share
for a one year period following the successful test of the  initial well. This warrant
was cancelled and replaced by one for 600,000 shares  on similar terms to a third party
(note 6).
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10

---

## URANIUM
POWER CORPORATION
Notes to Consolidated Financial Statements (U.S. Dollars)
For the Nine Months Ended January 31, 2003
(Unaudited  Prepared by Management)

4.
PROPERTIES (Continued)

| | The
Athabasca Prospect is located adjacent to the city of Fort McMurray, which is  located in
the northeast part of the Province of Alberta, Canada. The prospect  is comprised of four
Alberta petroleum and natural gas licenses covering 97  sections of land (62,080 acres).
Three of the licenses were acquired by  Anhydride Canada directly from the Government of
the Province of Alberta and  pertain to petroleum and natural gas rights below the
Woodbend formation.  Separately Anhydride Canada holds the right to earn an interest in
another  license, covering one section of land below the base of Precambrian formation,
which contains a suspended well (the 7-32 Well). This right is  subject to
the Company beginning a $156,250 (CDN $250,000) testing program on  the 7-32 Well on or
before September 30, 2002, which was met during the period  and the licence has been
transferred to the Company.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | As
at April 30, 2002 the Company held a 46.53% to 52.86% working interest after  payout in
the Athabasca Prospect, subject to the 9.5% gross overriding royalty  and government
royalties, and may be increased if certain elections that other  interest holders have
are not exercised. These interests may also be reduced  pursuant to interests under
Farmout Agreements (note 9).
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | During
the period the Company re-entered the 7-32 Well and spent a total of $1,150,411  to test
and deepen the 7-32 Well, which did not result in establishing a flow  rate. The funding
for this exploration program came from working interest  holders as to $758,351 and this
amount has charged against the total exploration  expenditures incurred.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(e)
Firebag Prospect

| | The
Firebag Prospect is located roughly 85 kilometres northeast of the town of Fort  McMurray
in the Province of Alberta and is comprised of two Alberta petroleum  and natural gas
licenses (below base of Woodbend formation) amounting to 31  sections of land.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company holds a 63.28% to 64.84% working interest after payout in the Firebag  Prospect,
subject to a 9.5% gross overriding royalty and government royalties,  and may be
increased if certain elections that other interest holders have are  not exercised. These
interests may also be reduced pursuant to interests earned  under Farmout Agreements
(note 9).
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

11

---

## URANIUM
POWER CORPORATION
Notes to Consolidated Financial Statements (U.S. Dollars)
For the Nine Months Ended January 31, 2003
(Unaudited  Prepared by Management)

5.
STOCK OPTION PLAN

| | The
Company has adopted an incentive and a non-statutory stock option plan effective
June 15, 2000 whereby up to 1,200,000 shares of common stock may be optioned.
The stock option plan has not been adopted or ratified by shareholders (the
2000 Plan). Incentive options may be granted for a period of ten
years following the effective date of the plan and once granted, the options
terminate ten years following the date of grant, with certain exceptions. During
the period the Company amended the plan so that it now allows for incentive
stock options to be granted at less than 100% of fair market value (as defined)
per share on the date of grant.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | During
the period the Company cancelled 150,000 of the options under the 2000 Plan. As
at January 31, 2003 the Company had options outstanding to acquire 1,050,000
shares under the 2000 Plan at $0.27 per share until August 21, 2006.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company also issued an option, not under a plan, to a consultant to acquire up
to 150,000 common shares at $0.27 per share until March 31, 2003.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company has adopted an incentive and a non-statutory stock option plan effective
September 24, 2002 whereby up to 2,500,000 shares of common stock may be
optioned (the 2002 Plan). The stock option plan has not been adopted
or ratified by shareholders. Incentive options may be granted at any price for a
period of ten years following the effective date of the plan and once granted,
the options terminate ten years following the date of grant, with certain
exceptions. During the period the Company granted options to purchase an
aggregate of 1,915,000 shares under the 2002 Plan at $0.25 per share to certain
directors, officers, employees and consultants. Of the options granted under the
2002 Plan during the period, options to acquire 965,000 shares expire on May 15,
2004; options to acquire 400,000 shares expire on May 6, 2005; and options to
acquire 550,000 shares expire on May 30, 2005.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

6.  WARRANTS.

| | The
     Company has issued  1,000,000  warrants at $0.01 per share,  to acquire the
same number of shares  before July 25, 2003 and has issued  600,000  warrants at
$0.01 per share,  to acquire  the same number of shares in  connection  with the
Athabasca and Firebag  prospects.  The exercises of the warrants is subject to a
successful  well being drilled on either the Athabasca or Firebag  prospects and
expire on the earlier of: (i) one year following the successful  completion of a
well;  or (ii)  August 30,  2004.  A  successful  well is defined as a well that
continually produces commercial  quantities of petroleum substances for a period
of not less than 30 consecutive days.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

12

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## URANIUM
POWER CORPORATION
Notes to Consolidated Financial Statements (U.S. Dollars)
For the Nine Months Ended January 31, 2003
(Unaudited  Prepared by Management)

6.  WARRANTS
(continued)

| | During
the period the Company issued 1,500,000 transferable warrants whereby up to
750,000 common shares may be issued at a price of $0.50 per share for a period
of one year ending July 11, 2003. Subsequently, the Company agreed to amend the
terms of these warrants whereby now up to 1,500,000 common shares at a price
$0.25 per share may be issued. These warrants are subject to certain conditions
being met, see Farmout Agreements (note 9). As of January 31, 2003 423,000
common shares may be issued pursuant to these warrants.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Pursuant
to a Farmout Agreement (note 9) the Company is committed to issue an additional
350,000 warrants to purchase that same number of shares at $0.25 per share until
November 25, 2003.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

7.
COMMON STOCK

| | Issued
| | ------

| | Included
in the issued common stock of 12,989,860 are 3,950,000 common shares deemed to
have been issued April 30, 2002 on the acquisition of the Athabasca Oil Project
(note 4(d)).
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Treasury
stock
| | --------------

| | During
the year ended April 30, 2000 the Company purchased 23,000 shares of its common
stock from the original owners who had acquired the shares prior to April 30,
2000 in a private placement. The common stock was purchased for the same amount
as the proceeds from original issue.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Subscriptions
received
| | ----------------------

| | Pertaining
to a private placement of 159,640 shares at $0.10 per share which were issued  subsequent
to period end.
| | -------------------------------------------------------------------------------------------------------------------

8.
RELATED PARTY TRANSACTIONS

| | During
the nine months ended January 31, 2003, the Company was charged management fees
of $54,000 by October Sun from whom the Company acquired Anhydride USA.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------

13

---

## URANIUM
POWER CORPORATION
Notes to Consolidated Financial Statements (U.S. Dollars)
For the Nine Months Ended January 31, 2003
(Unaudited  Prepared by Management)

8.  RELATED
PARTY TRANSACTIONS (continued)

| | As
of January 31, 2003, the Company owed $585,585 to October Sun, of which $400,000
is payable pursuant to a convertible note which bears interest at 6% and may be
converted into units at the lower of $0.25 per unit or the then market on the
date of conversion until September 30, 2003. Each unit is to consist of one
common share of the Company and a warrant to purchase an additional common share
at 133% of the unit price for one year following the date of conversion. Any
shares issued on conversion shall carry with them registration rights. The
balances of funds owed are without interest or stated terms of repayment.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company paid fees to an officer of $43,721 which are included in the total
exploration costs pertaining to the 7-32 Well. The Company also accrued fees of
$3,271 to a director and officer, which are included in advertising and
promotion expenses.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | United
Corporate Advisors (UCA) is related to the Company by way of common
directors. As of January 31, 2003, $194,066 was owed to UCA. This balance is
covered by way of a convertible note which bears interest at 6% and may be
converted into units at the lower of $0.25 per unit or the then market on the
date of conversion until September 30, 2003. Each unit is to consist of one
common share of the Company and a warrant to purchase an additional common share
at 133% of the unit price for one year following the date of conversion. Any
shares issued on conversion shall carry with them registration rights.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

9.
FARMOUT AGREEMENTS

| | During
the period, the Company entered into the following farmout and or exploration
agreements (the Farmout Agreements) as follows:
| | --------------------------------------------------------------------------------------------------------------------------------------

| | a)
Anhydride Petroleum Limited Partnership (the Limited Partnership)
 the Company entered into two Farmout Agreements with the Limited
Partnership one in respect of each of the Athabasca Prospect and the Firebag
Prospect, on essentially the same terms. Under the terms of the Farmout
Agreements the Limited Partnership will earn a 1% working interest in a Prospect
for each $54,000 Cnd incurred in exploration expenditures on that Prospect, up
to a maximum of a combined 25% working interest, both before and after payout,
subject to royalty interests. Anhydride Canada is the operator under each of the
Farmout Agreements.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Under
the terms of each of the Farmout Agreements, following earn-in of an interest,
including a fractional interest in a Prospect, the Limited Partnership will be
entitled to approve all further work carried out on the Prospect, which consent
may not be unreasonably withheld.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

14

---

## URANIUM
POWER CORPORATION
Notes to Consolidated Financial Statements (U.S. Dollars)
For the Nine Months Ended January 31, 2003
(Unaudited  Prepared by Management)

9.  FARMOUT
AGREEMENTS (continued)

| | Under
the Farmout Agreements, the Limited Partnership agreed to grant the Company a
call option (the Working Interest Call Option) under which the
Company may purchase the working interests earned by the Limited Partnership in
the Prospects in consideration of paying a predetermined purchase amount. The
purchase amount comprises a base amount and a performance amount where the base
amount is equal to 130% of the incurred earn-in expenditures of the Partnership
paid in shares of the Company with such shares valued at the average five day
closing price at the time the call option is exercised. The shares to be issued
by the Company will be restricted securities in the United States and be subject
to resale restrictions in the United States and Canada.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Under
the terms of the call option, however, the Company has granted the Partnership
certain registration rights, under which the Company will file a registration
statement with the Securities and Exchange Commission (the SEC) in
the United States registering the shares for sale (the Call Option
Registration Rights). The performance amount is dependent on whether the
Company complies with the 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 is increased by 20% of the
incurred earn-in expenditures of the Partnership paid-in shares of the Company.
For every 45-day period that expires without the Company responding to comments
on the registration statement from the SEC, the Performance Agreement will
include an additional 20% of the incurred earn-in expenditures of the
Partnership paid-in shares of the Company. The Performance Amount will be paid,
as earned, in shares of the Company with such shares valued at the average five
day closing price at the time the respective performance amount is earned. Upon
the earlier of: (i) the registration statement becoming effective; or (ii) 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 the Company will be payable.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | As
consideration for granting of the call option in respect of the working
interests in the Prospects, the Company has agreed to issue 1,500,000
transferable warrants to the Limited Partnership whereby it may acquire up to
750,000 common shares exercisable at a price of $0.50 per share for a period of
one year ending July 11, 2003. The warrants will vest in proportion to the
working interest earned in the Athabasca Prospect and Firebag Prospects, for
each 1% working interest earned in a Prospect warrants to acquire 30,000 common
shares of the Company will vest and be immediately exercisable. The shares
issued on exercise of the warrants will be subject to resale restrictions.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

15

---

## URANIUM
POWER CORPORATION
Notes to Consolidated Financial Statements (U.S. Dollars)
For the Nine Months Ended January 31, 2003
(Unaudited  Prepared by Management)

9. FARMOUT
AGREEMENTS (continued)

| | The
Company amended the terms of the exploration agreements whereby the number of
shares to be issued pursuant to the warrants was increased to 1,500,000 and the
price per share at which they are to be issued was lowered to $0.25 per share.
The rate at which the Limited Partnership shall earn a 1% working interest was
also increased to $60,000 Cnd from $54,000 Cnd. The Company also agreed to pay
costs associated with the start up of the Limited Partnership and to help it in
raising funds.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Based
on the Limited Partnerships deemed expenditures of $423,000 Cnd. as at January
31, 2003 they are entitled to a working interest after payout of 7.05% and
warrants to acquire 423,000 common shares at $0.25 per share. The Limited
Partnership is continuing to fund and subsequent to period end has funded an
additional $60,000 Cnd.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b)
Larry Thompson (Thompson)  On November 25, 2002 the Company and
Thompson entered into an exploration agreement (the Exploration
Agreement), pursuant to which Thompson has incurred $350,000 in
exploration expenditures on the Athabasca Prospect and as such has earned a
6.48148% working interest, both before and after payout, subject to 9.5% gross
overriding royalties, in the Athabasca Prospect. Anhydride Canada is the
operator under Exploration Agreement.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Thompson
has granted the Company an option to acquire his working interests on terms
similar to those granted by the Limited Partnership, see Working Interest
Call Option and Call Option Registration Rights. In exchange for granting
the option the Company has agreed to grant Thompson warrants to purchase up to
350,000 common shares at an exercisable price of $0.25 per share until November
25, 2003 (the Thompson Warrants). As yet the Company has not issued
the Thompson Warrants.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c)
PNG Ventures, Inc. (PNGV)  Pursuant to a letter agreement
dated January 17, 2003 PNGV has the right to earn 12.5% working interest before
payout reduced to a 9.375% working interest after payout in both the Athabasca
and Firebag Prospects, subject to 9.5% gross overriding royalties, by making
$182,592 Cnd. in exploration advances (advanced), property payments of $67,500
Cnd. (paid) and the issuance of 750,000 common shares of PNGV (the PNGV
Shares). The PNGV Shares have not yet been received by the Company and
will be recorded as a reduction in property cost when received.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | To
maintain its 12.5% working interest before payout reduced to a 9.375% working
interest after payout in both the Athabasca and Firebag Prospects, subject to
9.5% gross overriding royalties, PNGV must fund 12.5% of the total 7-32 Well
exploration costs plus the $67,500 property payment through to the earlier of
completion or abandonment. Should PNGV not fund 12.5% of the total 7-32 Well
exploration costs through to the earlier of completion or abandonment
then its working interest before and after payout will be reduced on a
pro-rata basis.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

16

---

## URANIUM
POWER CORPORATION
Notes to Consolidated Financial Statements (U.S. Dollars)
For the Nine Months Ended January 31, 2003
(Unaudited  Prepared by Management)

9. FARMOUT
AGREEMENTS (continued)

| | As
of January 31, 2003 PNGV had advanced a total of $330,730 Cnd., including the
property payment, against $1,217,911 Cnd. in total 7-32 Well expenditures,
including the property payment. If at completion or abandonment of the 7-32 Well
PNGV has contributed in excess of 12.5% of the 7-32 Well expenditures, including
the property payment, the Company has the election to either increase the
working interest both before and after payout to PNGV on a pro-rata basis or pay
back the difference.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10.
COMMITMENTS

| | Anhydride
Canada has committed to pay $60,000 ($100,000 Cdn) to Anhydride Oil Corporation
upon successful completion of a well, as defined in note 6.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------

11.
STOCK BASED COMPENSATION

| | The
Company applies APB Opinion No. 25 and related interpretations in accounting for
its stock options granted to employees, and accordingly, compensation expense of
$Nil was recognized as wages expense for the period ended January 31, 2003. Had
compensation expense been determined as provided in SFAS 123 using the
Black-Scholes option  pricing model, the pro-forma effect on the
Companys net loss and per share amounts would have been as follows:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Net
loss, as reported $897,891Net loss, pro-forma $1,035,106Net loss per share, as
reported $0.07Net loss per share, pro-forma $0.08
| | ------------------------------------------------------------------------------------------------------------------------------------

17

---

Item 2.
Managements Discussion and Analysis of Financial Condition and Plans 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 the
form are in U.S. dollars unless otherwise stated.

Plans
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 for the
quarter ended January 31, 2003 of $547,811 and a loss of $897,891 for the nine
months ended January 31, 2003. The Company has not had revenues from its
operations to date. Thus Company has been dependent, and continues to rely upon,
loans from related parties, joint venture arrangements and 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.

During
the year ended April 30, 2002, we entered the business of oil and gas
exploration with management assessing the oil and gas exploration business and
selecting and acquiring properties of interest near the City of Fort McMurray in
the northeastern part of the Province of Alberta, Canada. Specifically, we
acquired and currently hold potentially important interests in five Petroleum
& Natural Gas Licenses (P & NG Licenses) issued by the
Government of the Province of Alberta covering 127 sections of land (81,280
acres) below base of Woodbend formation and we earned an interest in an
additional P & NG License no. 5494040101 covering one additional section
(640 acres) below base of the Precambrian formation (the AOC
License) which includes an existing suspended well drilled during
September  October 1994 and legally described as the AOC Granite
7-32-89-10 W4M well (the 7-32 Well).

The
Company continues to hold uranium interests, which are comprised of a 20%
interest in a company known as Uranium Holdings Corporation, a Nevada
corporation (UHC), which in turn owns two properties located in
Saskatchewan known as the Henday Lake and Hocking Lake Properties.

During
the nine months ended January 31, 2003 we have focused and over the
next twelve months we plan to continue to focus primarily on
exploration and development of our oil and gas properties

Specifically,
we re-entered the 7-32 Well and, initially, conducted testing sufficient to
determine whether the existing suspended 7-32 Well was capable of producing
commercial quantities of petroleum substances. A re-entry program conducted
testing over six separate zones of the 7-32 Well. This work allowed the Company
to meet its work requirements to the AOC vendor; however, it did not result in
establishing a commercial flow rate of petroleum substances. Subsequently, the
Company has continued to work on the 7-32 Well by deepening it and performing
other tests. To date this additional work has not resulted in establishing a
commercial flow rate of petroleum substances.

Subject
to starting the above noted testing program on the 7-32 Well the Company had the
right to earn an 81.25% working interest before payout reducing to a 52.859375%
working interest after payout, subject to gross overriding royalties of 9.5% and
government royalties. To fund the Companys share of costs associated with
the re-entry and testing of the existing 7-32 Well wellbore; rental costs
associated with the six licenses, costs for additional seismic and other
geologic study and costs for the deepening of the 7-32 Well, the Company entered
into farm in and exploration agreements as described below:

18

---

| | a)
Anhydride Petroleum Limited Partnership (the Limited Partnership)
 the Company entered into two Farmout Agreements with the Limited
Partnership one in respect of each of the Athabasca Prospect and the Firebag
Prospect, on essentially the same terms. Under the terms of the Farmout
Agreements the Limited Partnership will earn a 1% working interest in a Prospect
for each $54,000 Cnd incurred in exploration expenditures on that Prospect, up
to a maximum of a combined 25% working interest, both before and after payout,
subject to royalty interests. Anhydride Canada is the operator under each of the
Farmout Agreements.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Under
the terms of each of the Farmout Agreements, following earn-in of an interest
including a fractional interest in a Prospect, the Limited Partnership will be
entitled to approve all further work carried out on the Prospect, which consent
may not be unreasonably withheld.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Under
the Farmout Agreements, the Limited Partnership agreed to grant the Company a
call option (the Working Interest Call Option) under which the
Company may purchase the working interests earned by the Limited Partnership in
the Prospects in consideration of paying a predetermined purchase amount. The
purchase amount comprises a base amount and a performance amount where the base
amount is equal to 130% of the incurred earn-in expenditures of the Partnership
paid in shares of the Company with such shares valued at the average five day
closing price at the time the call option is exercised. The shares to be issued
by the Company will be restricted securities in the United States and be subject
to resale restrictions in the United States and Canada.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Under
the terms of the call option, however, the Company has granted the Partnership
certain registration rights, under which the Company will file a registration
statement with the Securities and Exchange Commission (the SEC) in
the United States registering the shares for sale (the Call Option
Registration Rights). The performance amount is dependent on whether the
Company complies with the 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 is increased by 20% of the
incurred earn-in expenditures of the Partnership paid-in shares of the Company.
For every 45-day period that expires without the Company responding to comments
on the registration statement from the SEC, the Performance Agreement will
include an additional 20% of the incurred earn-in expenditures of the
Partnership paid-in shares of the Company. The Performance Amount will be paid,
as earned, in shares of the Company with such shares valued at the average five
day closing price at the time the respective performance amount is earned. Upon
the earlier of: (i) the registration statement becoming effective; or (ii) 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 the Company will be payable.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | As
consideration for granting of the call option in respect of the working
interests in the Prospects, the Company has agreed to issue 1,500,000
transferable warrants to the Limited Partnership whereby it may acquire up to
750,000 common shares exercisable at a price of $0.50 per share for a period of
one year ending July 11, 2003. The warrants will vest in proportion to the
working interest earned in the Athabasca Prospect and Firebag Prospects, for
each 1% working interest earned in a Prospect warrants to acquire 30,000 common
shares of the Company will vest and be immediately exercisable. The shares
issued on exercise of the warrants will be subject to resale restrictions.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

19

---

| | The
Company amended the terms of the exploration agreements whereby the number of
shares to be issued pursuant to the warrants was increased to 1,500,000 and the
price per share at which they are to be issued was lowered to $0.25 per share.
The rate at which the Limited Partnership shall earn a 1% working interest was
also increased to $60,000 Cnd from $54,000 Cnd. The Company also agreed to pay
costs associated with the start up of the Limited Partnership and to help it in
raising funds.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Based
on the Limited Partnerships deemed expenditures of $423,000 Cnd. as at January
31, 2003 they are entitled to a working interest after payout of 7.05% and
warrants to acquire 423,000 common shares at $0.25 per share. The Limited
Partnership is continuing to fund and subsequent to period end has funded an
additional $60,000 Cnd.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b)
Larry Thompson (Thompson)  On November 25, 2002 the Company and
Thompson entered into an exploration agreement (the Exploration
Agreement), pursuant to which Thompson has incurred $350,000 in
exploration expenditures on the Athabasca Prospect and as such has earned a
6.48148% working interest, both before and after payout, subject to royalty
interests, in the Athabasca Prospect. Anhydride Canada is the operator under
Exploration Agreement.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Thompson
has granted the Company an option to acquire his working interests on terms
similar to those granted by the Limited Partnership, see Working Interest
Call Option and Call Option Registration Right in the Notes to Financial
Statements. In exchange for granting the option the Company has agreed to
grant Thompson warrants to purchase up to 350,000 common shares at an
exercisable price of $0.25 per share until November 25, 2003 (the Thompson
Warrants). As yet the Company has not issued the Thompson Warrants.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c)
PNG Ventures, Inc. (PNGV)  Pursuant to a letter agreement
dated January 17, 2003 PNGV has the right to earn 12.5% working interest before
payout reduced to a 9.375% working interest after payout in both the Athabasca
and Firebag Prospects, subject to 9.5% gross overriding royalties, by making
$182,592 Cnd. in exploration advances (advanced), property payments of $67,500
Cnd. (paid) and the issuance of 750,000 common shares of PNGV (the PNGV
Shares). The PNGV Shares have not yet been received by the Company and
will be recorded as a reduction in property cost when received.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | To
maintain its 12.5% working interest before payout reduced to a 9.375% working
interest after payout in both the Athabasca and Firebag Prospects, subject to
9.5% gross overriding royalties, PNGV must fund 12.5% of the total 7-32 Well
exploration costs plus the $67,500 property payment through to the earlier of
completion or abandonment. Should PNGV not fund 12.5% of the total 7-32 Well
exploration costs through to the earlier of completion or abandonment then
its working interest before and after payout will be reduced on a pro-rata
basis.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | As
of January 31, 2003 PNGV has advanced a total of $330,730 Cnd., including the
property payment, against $1,217,911 Cnd. in total 7-32 Well expenditures,
including the property payment. If at completion or abandonment of the 7-32 Well
PNGV has contributed in excess of 12.5% of the 7-32 Well expenditures, including
the property payment, the Company has the election to either increase the
working interest both before and after payout to PNGV on a pro-rata basis or pay
back the difference.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

20

---

Changes
in Financial Condition

Net
loss for the three-month period ended January 31, 2003 was $547,811 or $0.04 per
share, compared with a net loss of $40,254, or $0.01 per share, for the same
period of 2001. During the nine month period ended January 31, 2003, the Company
was actively engaged in preliminary exploration work and fundraising related to
its Athabasca project and included in its net loss for the three-month period
ended January 31, 2003 was $357,736 in exploration costs. The Company was
relatively inactive in the corresponding period in 2001 and as a result, many of
the operating expense items have shown an increase. The Company has increased
advertising, promotion and travel expenses in connection with developing and
promoting its new business plan, which now focuses on oil and gas production.
The Company will continue to rely on funding from its existing working interest
holders, the Limited Partnership, loans from related parties, the sale of
securities and the sale of further joint venture interests in order to proceed
with its development activities.

To
finance the testing of the 7-32 Well the Company has entered into farm in and
exploration agreements with third parties, however, if they are unable or
unwilling to fund the Companys planned exploration the Company may have to
consider joint ventures with other entities, seek additional equity funding and
or sell some of its properties. It is also likely the Company will require
additional financing beyond that to be provided by its existing joint venture
partners. There can be no assurance that other joint venture parties, additional
equity funding or that buyers for its properties can be found.

As of
January 31, 2003 the Company had received $782,816 in funding from related
parties. During the nine months ended January 31, 2003 the Company entered into
convertible notes with October Sun, a Nevada Corporation as to $400,000 and
United Corporate Advisors for $190,674 on similar terms. Each convertible note
which bears interest at 6% and may be converted into units at the lower of $0.25
per unit or the then market on the date of conversion until September 30, 2003.
Each unit is to consist of one common share of the Company and a warrant to
purchase an additional common share at 133% of the unit price for one year
following the date of conversion. Any shares issued on conversion shall carry
with them registration rights. While the Company has relied heavily upon related
party loans to fund its operations there is no assurance that these loans will
be available in the future and or that the related parties may not call the
loans where they are able.

We
have no revenues, and our operating results, profitability and future rate of
growth depend solely on our exploration activities and ability to raise further
funding. We plan to fund future operations by way of joint venture agreements
and or other forms of financing, including the public offering or private
placement of equity or debt securities. However, there is no
assurance that joint venture partners, debt or equity financing will be
available to us on acceptable terms to meet these requirements.

Due
the lack of funding and change in focus the Company has not met the requirement
to spend an additional $1,602,564 ($2,500,000 Cdn.) on its Saskatchewan Uranium
Property by December 31, 2002. The Company hopes to try to re-negotiate the
terms of its agreement, however, to date it has not been successful.

21

---

The
Company pursuant to the terms of its agreement with Uranium Holdings Company
must now participate on the same basis as other investors in future expenditure
programs on a pro-rata basis or Companys 20% interest will be reduced in
such manner as may be reasonably negotiated between the parties. Due the lack of
funding and change in focus it is not likely that the Company will meet these
requirements and as such its interests may be reduced.

Forward-Looking
Statements

These
statements are based on certain assumptions and analyses made by us in light of
our experience and our perception of historical trends, current conditions,
expected future developments and other factors we believe are appropriate in the
circumstances. Such statements are subject to a number of assumptions, risks and
uncertainties, including such factors as the volatility and level of oil and
natural gas prices, uncertainties in cash flow, expected acquisition benefits,
production rates and reserve replacement, reserve estimates, drilling and
operating risks, competition, litigation, environmental matters, the potential
impact of government regulations, and other matters, many of which
are beyond our control. Readers are cautioned that forward-looking statements
are not guarantees of future performance and that actual results or developments
may differ materially from those expressed or implied in the forward-looking
statements.

Item
3.Controls and Procedures

An
evaluation was performed under the supervision and with the participation of the
Companys management, including the Chief Executive Officer and Chief
Financial Officer of the effectiveness of the design and operation of the
Companys disclosure controls and procedures within 90 days before the
filing date of this quarterly report. Based on that evaluation, the
Companys management, including the CEO and CFO, concluded that the
Companys disclosure controls and procedures were effective. There have
been no significant changes in the Companys internal controls or in other
factors that could significantly affect internal controls subject to their
evaluation.

# PART
II  OTHER INFORMATION

Item 2.
Changes in Securities and Recent Sales of Unregistered Securities

None.

Item
6. Exhibits and Reports on Form 8-K

| | (a)
Exhibits
| | ------------

| | 3.1 | Articles
of Incorporation. (1)
| | --- | ------------------------------

| | 3.2 | Bylaws.(1)
| | --- | ----------

| | 10.18 | Exploration
Agreement by and between Anhydride Petroleum (Canada) Inc. and  Larry  Thompson dated
November 25, 2002.  Filed herewith.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------

| | 10.19 | Amendment
to Exploration Agreement among Anhydride Petroleum (Canada)  Inc.,  October  Sun,
Hodgkinson Equities corporation, Robert Edwards and the  Company dated December 12,
2002.  Filed herewith.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

22

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| | 10.20 | Athabasca
Oil Prospect Letter Agreement between Anhydride Petroleum (Canada)  Inc. and  PNG
Ventures dated January 17, 2003.  Filed herewith.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------

| | 99.1 | Certification
of CEO
| | ---- | --------------------

| | 99.2 | Certification
of Acting CFO
| | ---- | ---------------------------

_________________________

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

| | (b)
Reports on Form 8-K:
| | ------------------------

On
May 15, 2002, the Company filed an 8-K reporting that on April 30,
2002, the Company entered into an Agreement and Plan of Reorganization whereby
Anhydride Petroleum (USA), Inc., a Colorado corporation, and wholly owned
subsidiary of October Sun, a Nevada corporation was merged with and into a
wholly owned subsidiary of the Company. On December 12, 2002, the Company
filed an amendment to the May 15, 2002 8-K to incorporate by reference the
audited consolidated financial statements dated April 30, 2002 which satisfied
the pro forma financial information that was required to be filed with the
original 8-K.

23

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# SIGNATURES

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

|Dated: March 24, 2003 | URANIUM POWER CORPORATION
By: /s/ Douglas W. Cannaday
          Douglas W. Cannaday, President
|--------------------- | ----------------------------------------------------------------------------------------------

|Dated: March 24, 2003 | By: /s/ Thornton Donaldson
          Thornton Donaldson
          
Director and Acting Chief Financial Officer
|--------------------- | --------------------------------------------------------------------------------------------------------------

24

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# § 302
CERTIFICATION*

I, Douglas W.
Cannaday, Chief Executive Officer, certify that:

1.
I have reviewed this quarterly report on Form 10-QSB of Uranium Power Corporation;

2.
Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.
Based on my knowledge, the financial statements, and other financial information
included in this quarterly report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this quarterly report;

4.
The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a)
designed such internal controls to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b)
evaluated the effectiveness of the registrants internal controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and

c)
presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.
The registrants other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent functions):

a)
all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrants ability to record, process,
summarize and report financial data and have identified for the
registrants auditors any material weaknesses in internal controls; and

b)
any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrants internal controls; and

6.
The registrants other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material
weaknesses.

Date: March 24,
2003

/s/ Douglas
W. Cannaday Douglas  W. CannadayPresident and
Chief Executive Officer

25

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# § 302
CERTIFICATION*

I, Thornton
Donaldson, acting Chief Financial Officer, certify that:

1.
I have reviewed this quarterly report on Form 10-QSB of Uranium Power Corporation;

2.
Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.
Based on my knowledge, the financial statements, and other financial information
included in this quarterly report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this quarterly report;

4.
The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a)
designed such internal controls to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b)
evaluated the effectiveness of the registrants internal controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and

c)
presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.
The registrants other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent functions):

a)
all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrants ability to record, process,
summarize and report financial data and have identified for the
registrants auditors any material weaknesses in internal controls; and

b)
any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrants internal controls; and

6.
The registrants other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material
weaknesses.

Date: March 24,
2003

/s/
Thornton Donaldson
Thornton DonaldsonActing Chief Financial Officer

26

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