UTS Ups Oil Sands Acreage with 2 New Leases
UTS Energy Corporation has purchased two additional oil sands leases in the Athabasca Oil Sands Area. The Company purchased Leases 022 and 023, comprising a total of 21,760 acres (8,704 hectares) and located in Township 100 Ranges 4 and 5, West of the Fourth Meridian, east of the Athabasca River.
The new lands are contiguous with, and north of Lease 421, and, like Lease 421, are jointly owned on a
50/50 basis with Teck Cominco Limited. The lands are located directly north east of the Synenco Northern Lights Project.
UTS drilled five wells over 18 sections in Lease 421 in Q1 2008 and all five wells encountered high grade oil sands, with thicknesses ranging from 10 to 25 meters. Overburden in the five wells ranged from 25 to 60 meters.
"We are pleased to announce the addition of further lands to our exploration program with our partners Teck Cominco and, in particular, lands directly north of where we have found hydrocarbons in Lease 421 and which are adjacent to already proposed projects," said Dr. William Roach, UTS' President and CEO. "We are very encouraged by the initial results of last year's drilling in the area and look forward to further exploration of an
approximately 52 section block of contiguous land in the coming season."
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- 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)
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- Obama's Canada Visit Highlights Oil Sand Woes (Feb 20)