Uranium Energy Corp Acquires Channen Exploration Project in South Texas

Uranium Energy Corp.

NYSE MKT Equities Exchange Symbol - UEC

Uranium Energy Corp Acquires Channen Exploration Project in South Texas

- 10,704-acre property is the sixth addition to the Company's South Texas
hub-and-spoke production strategy.

- Property lies on-trend with the Company's recently acquired Burke
Hollow Project in Bee County, and on-trend with several historic and
two active in-situ recovery mines.

- Company plans to launch near-term drilling program.

Corpus Christi, TX, May 15, 2012 - Uranium Energy Corp. (NYSE MKT: UEC, the
'Company' or 'UEC') is pleased to announce that it has acquired the rights
to explore for uranium on the Channen Project, a 10,704-acre property
located in southern Goliad County, Texas (the 'Project'). The project is
situated on the Goliad trend within the prolific South Texas Uranium Belt,
and is located approximately 50 miles to the southeast of the Company's
Hobson uranium processing facility.

The Channen Project lies on-trend with and approximately 20 miles northeast
of the recently acquired Burke Hollow Project in Bee County, and
approximately 25 miles to the south of the Company's Goliad Project. The
new property was initially identified after analyzing a group of logs
exhibiting gamma-ray anomalies displaying uranium roll-front deposit type
characteristics in several sandstone formations with information derived
from the Company's extensive exploration database.

Company geologists are currently planning an aggressive exploration program
to include a drilling campaign that will be initiated upon receipt of
exploration permits from the Railroad Commission of Texas. It is
anticipated that the drill program will initially consist of a statistical
grid covering the entire 10,704-acre property.

Click through here to view a map that shows the Company's hub-and-spoke
production plan in South Texas, including the location of the Channen
Project in relation to the Company's processing facility and other
projects: South Texas Projects.

The technical information in this news release has been reported in
accordance with the Canadian regulatory requirements set out in National
Instrument 43-101 and has been approved by Andrew Kurrus, P.G., Chief
Geologist, Texas, for UEC, a qualified person under NI 43-101.

About Uranium Energy Corp.

Uranium Energy Corp. is a U.S.-based uranium production, development and
exploration company operating North America's newest emerging uranium mine.
The Company's fully licensed and permitted Hobson processing facility is
central to all of its projects in South Texas, including the Palangana
in-situ recovery project, which is ramping up initial production, and the
Goliad in-situ recovery project which has been granted its Mine Permit and
is in the initial stages of mine construction. The Company's operations
are managed by professionals with a recognized profile for excellence in
their industry, a profile based on many decades of hands-on experience in
the key facets of uranium exploration, development and mining.

Contact North America: Investor Relations, Uranium Energy Corp.:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com
Stock Exchange Information:
NYSE-MKT: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103

Safe Harbor Statement

Except for the statements of historical fact contained herein, the
information presented in this news release constitutes 'forward-looking
statements' as such term is used in applicable United States and Canadian
laws. These statements relate to analyses and other information that are
based on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Any other statements that
express or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
'expects' or 'does not expect', 'is expected', 'anticipates' or 'does not
anticipate', 'plans, 'estimates' or 'intends', or stating that certain
actions, events or results 'may', 'could', 'would', 'might' or 'will' be
taken, occur or be achieved) are not statements of historical fact and
should be viewed as 'forward-looking statements'. Such forward looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
risks and other factors include, among others, the actual results of
exploration activities, variations in the underlying assumptions associated
with the estimation or realization of mineral resources, the availability
of capital to fund programs and the resulting dilution caused by the
raising of capital through the sale of shares, accidents, labor disputes
and other risks of the mining industry including, without limitation, those
associated with the environment, delays in obtaining governmental
approvals, permits or financing or in the completion of development or
construction activities, title disputes or claims limitations on insurance
coverage. Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will
prove to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements contained in
this news release and in any document referred to in this news release.

Certain matters discussed in this news release and oral statements made
from time to time by representatives of the Company may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and the Federal securities laws. Although the
Company believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no assurance
that its expectations will be achieved. Forward-looking information is
subject to certain risks, trends and uncertainties that could cause actual
results to differ materially from those projected. Many of these factors
are beyond the Company's ability to control or predict. Important factors
that may cause actual results to differ materially and that could impact
the Company and the statements contained in this news release can be found
in the Company's filings with the Securities and Exchange Commission. For
forward-looking statements in this news release, the Company claims the
protection of the safe harbor for forward-looking statements contained in
the Private Securities Litigation Reform Act of 1995. The Company assumes
no obligation to update or supplement any forward-looking statements
whether as a result of new information, future events or otherwise. This
press release shall not constitute an offer to sell or the solicitation of
an offer to buy securities.


End of Corporate News

Unternehmen: Uranium Energy Corp. - ISIN: US9168961038