Basking in the glow: UTS likes its finds at Firebag.
UTS fired up about Firebag
Calgary outfit UTS Energy said it hit oil sands in six of eight core holes drilled at its Firebag project in northeast Alberta today.
The area, comprised of leases 421, 022 and 023 is owned 50-50 with Teck Cominco.
The holes were drilled into the Fort McMurray formation, the company said in a release.
UTS head William Roach said:
"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 programme in this area and anticipate drilling approximately 55 core holes in total during the first quarter of 2009.
“Upon completion of this drilling programme, 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."
Roach said:
"Although it is early days in the 2009 drilling programme, the results to date (the majority being from core holes drilled close to each of the lease 421 lease boundaries) are indicative of a laterally extensive resource and the potential for another significant oil sands discovery. It is also noteworthy that this discovery is directly northeast of the Total-operated Northern Lights Project leases, which if combined may render a sufficient resource base for a stand-alone development."