Toronto, February 15, 2002. Energy Power Systems Limited (OTC
BB: EYPSF & Frankfurt Stock Exchange: EPW) (
("Energy Power" or the "Company") announces that the
Mearon/Ladyfern test well has reached a total vertical depth
of 2,776 meters (approximately 9,105 feet).  Logging of the
well bore indicates that the Slave Point Formation does not
contain economic hydrocarbons.  The Slave Point Formation
will be abandoned.  The well will be completed in a shallower
zone as a potential natural gas well.  Energy Power has a 25%
participating interest in the test well, with a 17.5%
interest until payout and a 12.5% interest after payout in
the test well and earns a 12.5% interest in the adjacent

About Energy Power Systems Limited

Energy Power is an integrated energy source and service
company operating as an Engineering & Offshore Division and
an Oil & Gas Division.

There are approximately 9.8 million shares issued and
outstanding in the capital of the Company.


For further information contact:		Sandra J. Hall
					VP Corporate Affairs
					Telephone: (416) 861-1484

Certain of the statements contained in this news release are
forward-looking statements.  While these statements reflect
the Corporation's current beliefs, they are subject to
uncertainties and risks that could cause actual results to
differ materially.  These factors include, but are not
limited to, the demand for the Corporation's products and
services, economic and competitive conditions, access to debt
or equity capital on favorable terms, and other risks
detailed in the Corporation's Form 20-F and Annual Report.

Suite 301, 2 Adelaide Street West, Toronto ON M5H 1L6 Telephone: (416) 861-
1484, Facsimile: (416) 861-9623