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UNION TEXAS PETROLEUM HAS THREE HIGH BIDS IN ALASKA STATE LEASE SALE

 HOUSTON, Sept. 23 /PRNewswire/ -- Union Texas Petroleum Holdings, Inc. (NYSE: UTH) today reported that its subsidiary, Union Texas Petroleum Alaska Corporation, had apparent high bids on three blocks in Alaska offered at the Kuparuk Uplands Exempt State Lease Sale No. 75A held in Anchorage on Sept. 21, 1993. Union Texas was the apparent high bidder on tracts 5, 6 and 12, which comprise a total of 2,560 acres in the greater Colville River Delta area. The independent oil and gas producer said its expenditure for the three high bids was approximately $47,000. All bids are subject to approval by the Alaska State Department of Natural Resources. Under existing agreements, ARCO Alaska, Inc. has an option to acquire partial interests in the three tracts on which Union Texas was the high bidder, and Union Texas has an option to acquire partial interests in acreage in the Colville area acquired in the sale by ARCO. Union Texas' working interest in the Colville area leases averages approximately 15 percent.
 Since the mid-1980s, Union Texas has actively participated in exploring for hydrocarbons in the Colville area, located west of ARCO's Kuparuk River field. ARCO, as operator, and Union Texas drilled two oil discoveries during the 1992 winter season in the Colville area. During the 1993 winter drilling season, Union Texas and ARCO drilled three wells, with BP Exploration (Alaska) Inc. participating in two of the wells. The 1993 drilling program met with limited success and, as a result, at least two more winter drilling seasons will be required to further evaluate the Colville area to determine commerciality. Additional drilling is planned for the area during the 1993/94 winter season.
 One of the largest independent producers located in the United States, Houston-based Union Texas Petroleum Holdings, Inc. (NYSE: UTH) explores for and produces oil and gas overseas primarily in the U.K. North Sea, Indonesia and other strategic areas. The company also has petrochemicals interests in the United States.
 -0- 9/23/93
 /CONTACT: Carol L. Cox of Union Texas Petroleum, 713-968-2714/
 (UTH)


CO: Union Texas Petroleum Holdings, Inc.; Union Texas Petroleum Alaska
 Corporation ST: Texas, Alaska IN: OIL SU:


TS -- NY077 -- 5369 09/23/93 16:22 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
Words:367
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