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Re: News Release - Monday, May 14, 2007
Uranerz Acquires Additional Uranium Property Adjoining Nichols
Ranch
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Casper, Wyoming, May 14, 2007 -- Uranerz Energy Corporation (AMEX:URZ) is pleased to announce the successful leasing of the fee mineral lands adjacent to and west of the Company's Nichols Ranch ISR uranium project. This adjoining property appears to host the "nose" of the oxidation-reduction geochemical (roll) front and has the potential for increasing the known uranium mineralization at the Nichols Ranch project. Surface use rights were also agreed to on this land, allowing the right to use the surface for mining operations. This additional area is an extension to the Nichols Ranch project and is within the regulatory Nichols Ranch project boundary currently being permitted for in-situ recovery ("ISR") uranium production.

The Nichols Ranch project is located in the Pumpkin Buttes mining district of the Wyoming Powder River basin. This basin currently has three commercial ISR uranium production projects that include Areva's Christensen Ranch production project, and Cameco's Smith Ranch and Highland production sites.

Uranerz Energy Corporation is a pure-play uranium company listed on the American Stock Exchange. The Company is engaged in the acquisition, exploration and development of properties in the uranium sector. The Company's goal is to become a producer of uranium which will be utilized as fuel in the world's nuclear electrical generating facilities. The Company has an experienced team of mining personnel, many of whom are former officers, senior management and employees of the original Uranerz Exploration and Mining Limited and related companies (the "Uranerz Group"). This team has direct experience in licensing, designing, constructing and operating underground, open-pit and in-situ recovery uranium production facilities. The Company also has an advisory board that consists entirely of ex-Uranerz Group professionals. The Uranerz Group was acquired in 1998 by Cameco, the world's largest primary uranium producer.

Uranerz Energy Corporation has expertise in in-situ recovery mining and holds projects in Wyoming with uranium-mineralized sandstone. These Powder River Basin uranium properties are advanced, and the Company has initiated environmental licensing and mine planning for the development of two of these projects.

Uranerz also has uranium properties in Saskatchewan (Canada), Mongolia and the Great Divide Basin of Wyoming. The Canadian, Mongolian and Great Divide Basin uranium properties are in the exploration stage and Uranerz has joint ventured these projects to other companies as a means of reducing its exploration risk. These projects are operated and funded by our joint venture partners.

To obtain more information, contact investor relations at Uranerz, telephone 1-800-689-1659, or visit our web site at www.uranerz.com .

ON BEHALF OF THE BOARD

"George Hartman"

George Hartman
Vice President, Mining and Chief Operating Officer