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Gold/Mining/Energy : Solv Ex (SOLVD) -- Ignore unavailable to you. Want to Upgrade?

To: bigtoe who wrote (6155)	12/14/1998 3:13:00 PM
From: Paul Lee	Read Replies (1) \| Respond to of 6735

Koch/UTS Continue to Lay Groundwork for New Oil Sands Development CALGARY, ALBERTA-- New Exploration to Begin this Winter Koch Oil Sands Limited Partnership, part of the Calgary-based Koch Canada Group of Companies and UTS Oil Sands Limited Partnership, a unit of UTS Energy Corporation today announced it has commenced significant new exploration activities at its Fort Hills Oil Sands Project. Beginning in December, the company plans to drill up to 70 cored wells to better determine the size and quality of the oil sands resource on its 16,000 hectare Fort Hills leases, located about 90 kilometres north of Fort McMurray. Koch Oil Sands Limited Partnership acquired a 78 percent interest in the Fort Hills leases (Nos. 5 and 52) in May, 1998. Its partner, UTS Oil Sands LP, a unit of UTS Energy Corporation, holds the remaining 22 percent. Subject to a joint venture agreement between the two companies, Koch will be the operator of the project and has planned a year-long pre-feasibility study that includes the geophysical and drilling program. Other elements involve engineering and environmental studies related to mining, bi tumen extraction, and the transportation of bitumen. The information gathered as a result will help Koch and UTS proceed with commercial development of the leases. Layne Christensen Canada Limited has been hired as the main contractor for the drilling program. The Fort McKay Metis Corporation is conducting clearing and surveying activities in support of the drilling program and the geophysical exploration activitie s that began in September. David Park, Koch Canada's Senior Vice President, Exploration, said, ''While the drilling program is an important step in a longer term process to determine the feasibility of a mining operation, it's just as important to us that we engage local communitie s in our efforts and keep them informed of what we're doing. We're targeting for up to a 90,000 barrel per day project by 2005. And again, we look forward to achieving this milestone with the involvement and support of the local communities.'' Koch Canada, the country's largest crude oil exporter, is a wholly-owned subsidiary of Wichita, Kansas-based Koch Industries Inc., the second-largest privately held company in North America, as ranked by Forbes. Koch has conducted business in Canada's o il and gas industry since 1959. Its nearly 600 Canadian personnel are engaged in heavy oil and gas exploration and production, oil and natural gas marketing, capital services, and the manufacturing of industrial products. For more information on Koch Ca nada, please refer to Koch's home page at www.kochcanada.com and for additional information about UTS Energy Corporation please see UTS's home page at www.uts.ca.