UTS Energy Corporation closes $275 million financing



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES/

    TSX Trading Symbol: UTS

    CALGARY, Nov. 19 /CNW/ - UTS Energy Corporation ("UTS" or the "Company")
today closed its previously announced bought deal financing for gross proceeds
of approximately $275 million. The proceeds of the financing will be used by
the Corporation to fund operational, development and exploration expenses
associated with its oil sands assets and for general corporate purposes.
    The financing consisted of 41,800,000 common shares issued at a price of
$6.10 per share and 2,700,000 common shares issued on a "flow-through" basis
("flow-through shares") at a price of $7.60 per share, which includes 50,000
flow-through shares issued pursuant to the partial exercise of the
over-allotment option. The remainder of the over-allotment option is
exercisable for a period of 30 days.
    The financing was led by a syndicate of underwriters, with RBC Capital
Markets as sole bookrunner and FirstEnergy Capital Corp., TD Securities Inc.,
and UBS Securities Canada Inc., as co-lead managers and including BMO Nesbitt
Burns Inc., CIBC World Markets Inc., Lehman Brothers Canada Inc., Merrill
Lynch Canada Inc., Morgan Stanley Canada Limited, Scotia Capital Inc.,
Canaccord Capital Corporation, Cormack Securities Inc. Genuity Capital
Markets, Orion Securities Inc., Peters & Co. Limited, Raymond James Ltd. and
Tristone Capital Inc.

    UTS Energy Corporation is based in Calgary, Alberta. The Company's common
shares (UTS) are traded on the Toronto Stock Exchange.

    FORWARD-LOOKING STATEMENTS: Except for statements of historical fact
relating to the Company, this news release may contain certain
"forward-looking statements" within the meaning of applicable securities law.
Forward-looking statements are frequently characterized by words such as
"plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and
other similar words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements in this news release are based on the
opinions and estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
anticipated in the forward-looking statements. The Company undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change except as required by law.
The reader is cautioned not to place undue reliance on forward looking
statements.




For further information:

For further information: Dr. William J. F. Roach, President and Chief
Executive Officer, or Wayne I. Bobye, Vice President and Chief Financial
Officer at (403) 538-7030

Organization Profile

UTS ENERGY CORPORATION

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