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

 HOUSTON, Dec. 10 /PRNewswire/ -- Union Texas Petroleum Holdings, Inc. today reported that its subsidiary, Union Texas Petroleum Alaska Corporation, had apparent high bids on two blocks in Alaska offered at the Kuparuk Uplands State Lease Sale No. 75 in Anchorage on Dec. 8, 1992. Overall, the company bid approximately $1.95 million on a total of six blocks in the sale. The independent oil and gas producer said that its expenditure for the two high bids was approximately $925,000. All bids are subject to approval by the Alaska State Department of Natural Resources.
 Union Texas has a 100 percent interest in the successful high bids on tracts 86 and 108, which comprise 640 acres and 2,459 acres, respectively. The company's bid of approximately $860,000 for tract 108 was the highest in the lease sale. Tract 108 was also the most competitive, receiving three bids totaling approximately $1.966 million, the highest exposure on any tract in the sale. The tracts are located in the greater Colville Delta area and are adjacent to the Kuparuk River field unit. Union Texas holds approximately 40,000 net acres in the nearby Kuukpik Unit and the surrounding greater Colville Delta area. Union Texas participated in drilling two wells in this general area in early 1992 and plans to continue participation in additional exploration drilling during 1993.
 Prior to the lease sale, Union Texas held approximately 88,246 undeveloped net acres of leaseholdings in Alaska, primarily in the Kuupik area, the Kuvlum area offshore northern Alaska, and Cook Inlet.
 One of the nation's largest independent producers, 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 international areas. The company also has petrochemicals interests in the U.S.
 -0- 12/10/92
 /CONTACT: Carol L. Cox for Union Texas Petroleum, 713-968-3258/
 (UTH)


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

LR -- NY049 -- 5783 12/10/92 12:07 EST
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Publication:PR Newswire
Date:Nov 13, 1992
Words:338
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