UTS Energy Corporation [see TrueNorth]

http://www.uts.ca/

Project title: Fort Hills Oil Sands Project

Type: Surface Mine

"The strategic focus of UTS Energy Corporation is the creation of shareholder value from its participation in the Fort Hills oil sands project.

The Fort Hills oils sands project is located in Alberta's Athabasca oil sands region approximately 90 kilometres north of Fort McMurray adjacent to the Syncrude North Aurora Mine and north of the Shell Muskeg River development. The Fort Hills project encompasses Oil Sands Leases 5, 8 and 52 covering approximately 46,000 acres.

The project is a joint venture between UTS Energy with a 22 percent interest and the 78 percent operator, TrueNorth Energy LP, an affiliate of Flint Hills Resources LLC, which is owned by Koch Industries, Inc., of Wichita, Kansas. The first phase of the project is expected to produce 95,000 barrels of bitumen per day with full production scheduled for mid 2005. The second phase will produce an additional 95,000 barrels per day commencing in 2008. The bitumen will be blended with diluent to produce a commodity grade bitumen blend for delivery to Koch's Pine Bend refinery and other U.S. refineries.

UTS Energy is based in Calgary and its common shares are listed on The Toronto Stock Exchange. The shares trade under the symbol UTS. For further information contact C. W. Leigh Cassidy, Vice President, Chief Financial Officer or Dennis A. Sharp, Chairman and Chief Executive Officer at 403-531-7599."