LEASES 421,022 AND 023



Key Facts
Status: Exploration
Type of Work: Surface
Location: Alberta, Canada
                 

Commodities: Oil Sands
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Latest Information
November 16, 2009
UTS Energy Corporation announce completion of the previously announced disposition of its 50 per cent working interest in Alberta Oil Sands Lease Nos. 421, 022 and 023. The leases are located east of the Firebag River in north-eastern Alberta. Imperial Oil and ExxonMobil jointly purchased UTS' working interest for C$250 million.
March 2, 2009
Announced drill results. To date, 59 holes were drilled. (5 holes in 2008 and 54 holes in 2009). Forty-nine of the wells contain prospective oil sands that range in thickness from 10 to 40 metres (with an average of 19 metres) with overburden thicknesses ranging from 7 to 68 metres (with an average of 39 metres). These results are preliminary and are derived from analysis of the well logs and visual inspection of the cores. The oil sands display a high degree ent in 24 of the 29 sections. Grades up to 17 mass percent bitumen were obtained from cores drilled in 2008.
February 6, 2009
UTS Energy Corporation announced new drilling results from Leases 421, 022 and 023 (the "Lease 421 Area") located east of the Firebag River in northeastern Alberta. These leases are owned jointly with Teck Cominco on a 50:50 basis. Eight core holes have been drilled this winter, of which six have encountered oil sands within the McMurray Formation. This is the second year of drilling in Lease 421 Area for UTS and Teck, having previously encountered high grade oil sands during the 2008 drilling program. CEO and President William Roach commented, "We have now drilled a total of 13 core holes over the last two years and encountered high grade oil sands in 11 of these, with oil sands thickness estimates of between 10 metres and 25 metres, and overburden thicknesses ranging from 23 metres to 68 metres. We are continuing our delineation program in this area and anticipate drilling approximately 55 core holes in total during the first quarter of 2009. Upon completion of this drilling program, we expect to have sufficient data to determine if the potential exists for a fourth UTS oil sands project, with the results of these analyses available by year end."

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