Uranium Energy Corp. (UEC) Announces Completion of First Phase of Wellfield Development at Palangana in South Texas

QualityStocks would like to highlight Uranium Energy Corp. (NYSE-AMEX: UEC), a U.S.-based exploration and development company with the objective of near-term uranium production in the U.S.

In the company’s news yesterday,

Uranium Energy Corp. was pleased to announce that it has completed the first of three phases of wellfield development at Production Area One (“PAA-1″) at the Palangana ISR uranium project located in South Texas.

According to the press release, Uranium Energy completed 40 injection and production wells thus far, marking the end of Phase One in the development of PAA-1. The wells are to be brought on-stream in three approximately equivalent phases as part of the build-up to initial sustainable levels of production. Construction of Palangana’s ion-exchange satellite facility is also underway with pumps and tanks to be installed during the month of September.

Harry Anthony, Chief Operating Officer, stated, “The development progress at Palangana is on-track, on-schedule and on-budget for initial production starting in November this year. We are continuing the drilling, electrical build-out and wellfield piping, and are pleased with the pace and testing to date.”

Uranium Energy also announced that it has completed drilling and flow-testing the Class 1 non-hazardous waste disposal well, known as WDW 419, that is needed for the Palangana project. WDW 419 is permitted for injection of by-product solutions generated during in-situ recovery of uranium and during restoration of the field. The well was drilled and cased to a depth of 6,950 feet in June and July. It was perforated earlier this month with two perforation intervals.

The well has now been flow-tested using filtered brine at several rates ranging between 42 and 176 gallons per minute at wellhead pressures ranging from 0, or a vacuum, up to 300 pounds per square inch, and was successful from applying just these modest wellhead pressures. WDW 419 is in the top 99 percentile of all Class I uranium wells based on superb flow rates at modest injection pressures.

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