Uranium Energy Corp Acquires Key Uranium Exploration and Development Database from Wyoming Energy Veteran William Kirkwood of North American Mining and Minerals Company

May 18, 2006

Fourth Significant Database Acquisition Increases Uranium Energy Corp Data Inventory to Over 1.1 Million Feet of Drill Logs Across Four US States

AUSTIN, TX – Uranium Energy Corp (“the Company”) announces its acquisition of a comprehensive database of uranium exploration and development results covering an approximately 13,000-acre area in central Wyoming.

The database was compiled by William Kirkwood of North American Mining and Minerals Company (“NAMMCO”) a significant player in the uranium, coal, gold and oil and gas industries in the western United States since the 1960s.

The data acquired was generated from exploration and development originally conducted by companies such as Homestake Mining, Kennecott Corp, Rampart Exploration, as well as Kirkwood Oil and Gas, largely between 1969 and 1982 – during the height of the previous uranium market expansion.

The database consists of drill hole assay logs for 470 holes, including 16,000 feet of drilling, 22,000 feet of gamma logs, drill hole location maps, cross sections, geological maps, geological reports, and other assay data. This material pertains to a 13,000-acre area within the uranium zone known as the Poison Spider area, located in central Wyoming. The area covered includes property already held by Uranium Energy Corp, as well as by other publicly-traded uranium development companies. Wyoming hosts the largest documented uranium reserves in the United States, equal to 582 million pounds, or 41% of all US reserves, according to the US Department of Energy.

Uranium Energy Corp currently has a claim block in the Shirley Basin, giving the Company approximately four million pounds of historically drill-proven uranium resources in the state of Wyoming. The Company will be planning a drill program in order to confirm mineralized trends indicated by historic exploration, while continuing an aggressive prospect acquisition program in these historically significant uranium districts.

About Uranium Energy Corp

Uranium Energy Corp (URME: OTCBB) is a US-based junior resource company with the near-term objective of uranium production in the United States. The company has a mandate to acquire historical uranium resources that can quickly be developed into producing uranium mines. Its management is comprised of veteran mining and exploration professionals eminent in the field of uranium, whose collective experience in the mining industry, and specifically in the uranium mining sector, gives the Company over 200 years of uranium mine-finding and uranium mine development expertise. Uranium Energy Corp is well positioned to capitalize on the world’s current significant alternative energy boom. See www.uraniumenergy.com for more information.

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