Teck Cominco, UTS Update Athabasca Land Acquisition
Teck Cominco Limited and UTS Energy Corporation said that they have jointly acquired a total of 18 new leases in the Athabasca Oil Sands Region of Alberta on a 50:50 basis. UTS first announced its joint bidding relationship with Teck Cominco in its 2006 third quarter results.
Since December 2005, Teck Cominco and UTS have jointly acquired 257,920 acres (including Lease 311) at a total cost of $163.5 million (net cost to UTS of $79.3 million and $84.2 million to Teck Cominco). This brings the total UTS lease holdings gross acreage outside the Fort Hills Partnership to 276,587 acres.
"We are very pleased to have acquired this extensive package of prospective exploration acreage in the Athabasca oil sands region. We have already commenced an extensive drilling program on Lease 14 and the Lease 311 area. We currently have four rigs working, with a winter drilling program capability of about 150 to 180 wells and we expect to be in a position to release results from this drilling program in the third quarter of this year," said Dr. William Roach, President and Chief Executive Officer.
Teck Cominco is a diversified mining company, headquartered in Vancouver, Canada. Its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and on the New York Stock Exchange under the symbol TCK. The company is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold, indium and other specialty metals.
- Total E&P Concludes C$1.5B UTS Acquisition (Oct 01)
- UTS Sells Oil Sands Assets to Imperial, ExxonMobil (Nov 03)
- Derrick's Study Shows $20B of O&G Deals Currently on the Market (May 28)
Company: Teck Cominco Limited more info
- UTS Unveils 2009 Preliminary Drilling Results for Lease 421 Area (Mar 03)
- Total's Oil Sands Targets Slip Back 1-2 Years (Feb 23)
- Obama's Canada Visit Highlights Oil Sand Woes (Feb 20)