CALGARY, April 22 /CNW/ - Total E&P Canada Ltd. ("Total Canada"), a
wholly-owned subsidiary of Total S.A., announces that it has received approval
from the Minister responsible for the Investment Canada Act in connection with
Total E&P Canada's offer to acquire all of the issued and outstanding common
shares of UTS Energy Corporation (the "Offer").
The previously announced Offer by Total E&P Canada to acquire the UTS
shares for $1.75 per share in cash is open for acceptance until 8:00 p.m.
(Toronto time) on April 27, 2009.
The offer represents a premium of approximately 111% over the closing
price of $0.83 for UTS common shares on January 27, 2009, the last trading day
preceding the announcement of Total Canada's intention to make the Offer.
Further details of the Offer are contained in the Offer and Circular
dated January 29, 2009, as amended by a Notice of Extension dated March 30,
2009 and a Notice of Variation and Extension dated April 14, 2009, each of
which has been filed on SEDAR at www.sedar.com.
Questions and requests for assistance may be directed to Kingsdale
Shareholder Services Inc. at 1-800-749-9197 (toll free) or (416) 867-2272
(outside North America).
Total Exploration & Production in Canada
Total is the operator of the Joslyn project with a 74% interest. The
project will be developed using surface mining technologies. The production
potential of the project is currently estimated at more than 200,000 barrels
Total also holds a 50% interest in the Surmont lease, located about 60
kilometres southeast of Fort McMurray. Phase One, which started in 2007, has a
capacity of 27,000 barrels per day at plateau production and is currently
producing 18,000 barrels per day. It will be followed by Phase Two which will
bring total production to approximately 110,000 barrels per day. Future phases
at Surmont are also under study.
In 2008, Total acquired Synenco Energy which held an interest in the
Northern Lights project, and now holds 50% of the project.
Total is one of the world's major oil and gas groups, with activities in
more than 130 countries. Its 96,000 employees put their expertise to work in
every part of the industry - exploration and production of oil and natural
gas, refining and marketing, gas & power and trading. Total is working to keep
the world supplied with energy, both today and tomorrow. The Group is also a
first rank player in chemicals. www.total.com
For further information:
For further information: Media Contact: Elizabeth Cordeau-Chatelain,
(403) 537-2354, email@example.com