Fort Hills Partnership to Purchase Oil Sands Leases 437 and 438; Purchase Enhances Fort Hills Project
CALGARY, ALBERTA--(CCNMatthews - Feb. 9, 2006) -
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Fort Hills Energy Limited Partnership has purchased two additional oil sands leases for $60 million. The leases, numbered 437 and 438, comprise a total of 12,968 acres and increase the Fort Hills project's land holdings from 46,170 acres to 59,138 acres.
The Fort Hills Project is located in Alberta's Athabasca oil sands area, approximately 90 kilometres north of Fort McMurray. The newly acquired leases are adjacent to the partnership's existing three leases, leases 5, 8 and 52.
Potential development of the land would first be subject to successful determination of reserve potential. "We are very pleased as this extends our already significant land position in the region," said Brant Sangster, Petro-Canada's senior vice president of Oil Sands. If reserves are established any development would still be subject to environmental and social study, public consultation and regulatory review.
Fort Hills Energy Limited Partnership comprises Petro-Canada with approximately 55 per cent working interest, UTS Energy Corporation with approximately 30 per cent working interest and Teck Cominco Limited with approximately 15 per cent working interest.
Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry in Canada and internationally. Its common shares trade on the TSX under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.
UTS Energy Corporation is focused on growing and developing oil sands assets, with a market cap of approximately $2.8 billion. The company was instrumental in re-establishing the Fort Hills Oil Sands Project and is the principal founder of the Fort Hills Energy Limited Partnership. Based in Calgary, Alberta, the Company's common shares (UTS) are traded on the Toronto Stock Exchange.
Teck Cominco Limited is a diversified mining company, headquartered in Vancouver, Canada with assets totaling approximately $8.8 billion. Shares are listed on the Toronto Stock Exchange under the symbols TEK.MV.A and TEK.SV.B. The company is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold and specialty metals.
For more information please contact:Petro-Canada
Media & general inquiries:
Michelle Harries, Corporate Communications
Investor and analyst inquiries:
Gord Ritchie, Investor Relations
Dr. William J.F. Roach
President and Chief Executive Officer
Wayne I. Bobye
Vice President and Chief Financial Officer
Teck Cominco Limited
Director of Financial Analysis and Investor Relations
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