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UNION TEXAS PETROLEUM ACQUIRES 20 PERCENT INTEREST IN BEAUFORT SEA EXPLORATORY PROSPECT OFFSHORE ALASKA

 UNION TEXAS PETROLEUM ACQUIRES 20 PERCENT INTEREST IN
 BEAUFORT SEA EXPLORATORY PROSPECT OFFSHORE ALASKA
 HOUSTON, May 4 /PRNewswire/ -- Union Texas Petroleum Holdings, Inc. (NYSE: UTH) today reported that its subsidiary, Union Texas Petroleum Alaska Corporation, has acquired a 20 percent working interest in the 35,582-acre Kuvlum exploratory oil and gas prospect in the Beaufort Sea offshore northern Alaska.
 The prospect is located 15 miles offshore in the Beaufort Sea and is approximately 65 miles east of the Trans-Alaska Pipeline. ARCO Alaska Inc. is operator of the Kuvlum prospect. A projected 8,000-foot exploratory test well is scheduled to begin drilling in August 1992. The cost to drill the well is estimated to be approximately $40 million gross, with Union Texas' share being about $8 million.
 Clark Johnson, chairman and CEO of Union Texas, said, "Our Alaska program is an integral part of our company's aggressive worldwide exploration strategy to ensure continued oil and gas reserve growth into the next century. Although all exploration projects are risky, the exciting thing about the Kuvlum prospect is that it could yield at least 1 billion gross barrels of recoverable oil."
 Union Texas has been active in the search for oil and gas reserves in Alaska since the early-1980s. At year-end 1991, the independent oil and gas producer held 88,246 net acres in Alaska, primarily in the Colville Delta, Cook Inlet and offshore in the Beaufort Sea, excluding its interests in the Kuvlum tract. In February 1992, Union Texas and ARCO began a multi-well exploration drilling program near an oil discovery made in the mid-1980s by a group including Union Texas in the Colville Delta area, which is near the prolific Kuparuk River and Prudhoe Bay fields. Union Texas' working interest in the Colville area leases averages approximately 15 percent.
 One of the nation's largest independent producers, Houston-based Union Texas Petroleum Holdings, Inc. explores for and produces oil and gas overseas primarily in the U.K. North Sea, Indonesia and other strategic international areas. The company also has petrochemicals interests in the United States.
 -0- 5/4/92
 /CONTACT: Carol L. Cox of Union Texas Petroleum, 713-968-3258/
 (UTH) CO: Union Texas Petroleum Holdings Inc. ST: Texas IN: OIL SU: TNM


CK -- NY074 -- 6069 05/04/92 12:56 EDT
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Publication:PR Newswire
Date:May 4, 1992
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