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There's a pretty good chance that UTG called the turn with a draw.
If he has a busted draw and folds it more than one out of four times (approximately), it's a good river bluff.
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Poker theory aside, it's awesome because he had the stones to bet with the nut low.
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This is my favorite hand of all time. I posted it about a year ago and ran into lots of disagreement, but I still think I played it perfectly.
Party Poker 3.00/6.00 Hold'em <font color="#0000FF">(10 handed)</font>
link
Preflop: Hero is UTG+1 with 3[img]/images/graemlins/heart.gif[/img], 3[img]/images/graemlins/club.gif[/img].
<font color="#666666">
1 folds</font>, Hero calls, <font color="#666666">
5 folds</font>, Button calls, <font color="#CC3333">SB raises</font>, BB calls, Hero calls, Button calls.
Flop: (8.00 SB) 4[img]/images/graemlins/club.gif[/img], 6[img]/images/graemlins/club.gif[/img], 2[img]/images/graemlins/club.gif[/img] <font color="#0000FF">(4 players)</font>
<font color="#CC3333">SB bets</font>, BB calls, Hero calls, Button folds.
Turn: (5.50 BB) K[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(3 players)</font>
SB checks, BB checks, <font color="#CC3333">Hero bets</font>, SB calls, BB calls.
River: (8.50 BB) 9[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(3 players)</font>
SB checks, BB checks, Hero checks.
Final Pot: 8.50 BB.