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Uranium Energy Corp Expands Its West Ranch Project in New Mexico

February 20, 2007

Database-Driven Acquisition Adds a Further 1.1 Million Pounds of Historic Drill-Indicated Uranium Resource to Company Totals

Austin, Texas, USA – February 20, 2007 – Uranium Energy Corp is pleased to announce the expansion of its West Ranch property, located in McKinley County, New Mexico.  The additional property is immediately west of, and contiguous to, the Company’s previously-disclosed West Ranch property (please see November 14, 2006 news release), and increases the historic resources for the West Ranch Project by 1.1 million pounds of uranium, to a new project total of 2.6 million pounds.

The additional property consists of approximately 744 acres of lode mining claims in northwestern New Mexico, on the northwest end of the historically-uraniferous Ambrosia Lake trend of the Grants Uranium District.  The acquisition of these claims increases the West Ranch project to an area of over 3,000 acres, all of which is 100% under the control of Uranium Energy Corp.  The acquisition was guided by the further review of the Company’s uranium exploration databases, and in particular, by the historic drilling results and geological evaluations conducted on the property by WESCO and Amax Uranium Corporation during the mid to late 1970s.

Reviewed data indicates mineralized trends within both the Brushy Basin and Westwater Canyon members of the Morrison Formation.  The Brushy Basin trends are near surface, whereas the Westwater Canyon ore is at a depth of approximately 1,000 feet.  Historical wide-spaced drilling indicates additional mineralization throughout the property.

Uranium Energy Corp has initiated exploration permitting with the State of New Mexico and the US Bureau of Land Management.  A drilling program is planned to: i) confirm historical mineral intersections; ii) expand the historically-indicated ore zones, and; iii) test the uranium ore’s amenability to In-Situ Recovery (ISR) technology; preliminary assessments seem to indicate this amenability, by the presence of redistributed ore.

The Company is continuing its database-driven land expansion of the West Ranch property, and throughout the state.  New Mexico contains the second largest uranium reserves in the country, according to the US Department of Energy.

About Uranium Energy Corp

Uranium Energy Corp (URME: OTCBB) is a US-based junior resource company with the objective of becoming a near-term ISR uranium producer in the United States.  The Company is developing its advanced-stage Goliad Project in South Texas, with ISR uranium production projected to begin in 2009.  Uranium Energy Corp controls one of the largest historical uranium exploration and development databases in the US.  Through the use of these databases, the Company has acquired advanced uranium properties throughout the southwestern US.  The operational management is comprised of pre-eminent uranium mining and exploration professionals, whose collective experience in the uranium mining industry gives the Company ongoing uranium mine-finding and uranium mine development expertise.  Uranium Energy Corp is well positioned to capitalize on the current alternative energy boom.  For more information, please visit www.uraniumenergy.com.

Contact North America:  Investor Relations, Uranium Energy Corp
Toll Free: (866) 748-1030
Phone: (604) 682-9775
Fax: (604)  682-3591
E-mail: [email protected]
Website: www.uraniumenergy.com

Stock Exchange Information:
Frankfurt Stock Exchange Symbol: U6Z
Berlin Stock Exchange Symbol: U6Z
ISN: US9168961038

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended.  Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.  These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.  Such risks and uncertainties may include, but are not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company.  These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.  Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate.  Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time with the United States Securities and Exchange Commission.  This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.