UTS Energy Corporation
1000, 350 - 7 Avenue SW
Calgary, Alberta T2P 3N9
UTS.TO = UTS on Toronto Exchange http://www.tsx.com/HttpController?GetPage=QuotesViewPage&SelectedSymbol=UTS&DetailedView=Det...
UEYCF.PK = UEYCF on NASDAQ (Pinksheet) http://quotes.nasdaq.com/asp/summaryquote.asp?symbol=UEYCF&selected=UEYCF
T.UTS = Toronto Exchange, UTS (ihub)
UTS.TO is a player in the Canadian oil sands partnered with Petro-Canada to jointly fund the first C$1 billion to develop the Fort Hills oil sands project. Under these agreements, UTS retains 40% of the project while Petro-Canada acquires a 60% interest in the project.
Fort Hills is located in Alberta's Athabasca oil sands region approximately 90 kilometres north of Fort McMurray, contiguous to the Syncrude North Aurora Mine and Shell's Muskeg River Mine. The Fort Hills oil sands project area encompasses 46,000 contiguous acres and comprises Oil Sands Leases 5, 8 and 52. Fort Hills contains 4.7 billion barrels of bitumen in place, of which 2.8 billion barrels are recoverable under the mine plan. Supporting this resource estimate is a database comprising very high quality drilling and related analytical information derived from some 1027 boreholes.
Fort Hills is expected to produce 100,000 barrels of synthetic crude a day starting in 2009, assuming the partners opt to build an upgrading plant, as expected. Output would eventually climb to 190,000 barrels a day.
It is one of numerous planned developments and expansions in Alberta's oil sands, which are seen as a key source of North American crude supplies. Oil sands are mined in open pits with the crude extracted using steam and chemicals. The heavy bitumen is then upgraded into refinery-ready oil.