/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
TSX Trading Symbol: UTS
CALGARY, July 17 /CNW/ - UTS Energy Corporation (UTS) today is pleased to
announce that it has purchased two additional oil sands leases in the
Athabasca Oil Sands Area.
UTS 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 metres. Overburden in the five wells ranged from 25 to 60 metres.
"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, President and
Chief Executive Officer. "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."
UTS Energy Corporation is based in Calgary, Alberta. The Company's common
shares (UTS) are traded on the Toronto Stock Exchange.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact
relating to the Company, this news release contains certain "forward-looking
statements" within the meaning of applicable securities law. Forward-looking
statements are frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or "will" occur.
Forward-looking statements such as the references to future exploration plans
referenced in this news release are based on the opinions and estimates of
management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those anticipated in the forward-looking
statements. The Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change except as required by law. The reader is cautioned not to place undue
reliance on forward looking statements.
For further information:
For further information: Dr. William J. F. Roach, President and Chief
Executive Officer, or Wayne I. Bobye, Vice President and Chief Financial
Officer at (403) 538-7030