/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
TSX Trading Symbol: UTS
CALGARY, Jan. 29 /CNW/ - UTS Energy Corporation ("UTS") today confirmed
that it has received a copy of the take-over bid circular for the unsolicited
bid being made by Total E&P Canada Ltd. to acquire UTS.
The Board of Directors of UTS, consistent with its fiduciary duties and
in consultation with its independent financial and legal advisors, will
consider and evaluate the take-over bid and will pursue the course of action
that is in the best interests of UTS and its shareholders. Consistent with
this fiduciary duty, the Board is commencing a process to review all available
alternatives in an effort to maximize shareholder value. The Board must
caution that such a process will not necessarily result in a transaction.
UTS shareholders are advised to take no action at this time with respect
to the take-over bid, pending the review by the UTS Board and the announcement
of the Board's recommendation to its shareholders with respect to the bid.
UTS is focused on the creation of shareholder value through exploration,
development and production from the Athabasca oil sands deposits in
north-eastern Alberta. UTS was instrumental in re-establishing the Fort Hills
Oil Sands Project and is the principal founder of the Fort Hills Energy
Limited Partnership. UTS holds a 20% working interest in the Fort Hills
Project located north of Fort McMurray. Beyond the Fort Hills Project, through
land acquisitions and exploration program, UTS holds 50% working interest in
an additional 122,667 hectares (306,667 acres) of oil sands prospective leases
located primarily on the west side of the Athabasca River. UTS is committed to
responsible resource development by conducting its business in a manner that
reduces environmental effects, protects workers' and communities' health and
safety and recognizes stakeholder interests.
UTS Energy Corporation is based in Calgary, Alberta. The Company's common
shares (UTS) are traded on the Toronto Stock Exchange.
FORWARD-LOOKING INFORMATION: Except for statements of historical fact
relating to the Company, this news release contains "forwarding-looking
information" within the meaning of applicable securities law. The
forward-looking statements in this press release relate to, but are not
limited to, statements with respect to the results of any evaluation of the
take-over bid, any course of action the Company may undertake and any
alternative the Company may review. Forward-looking information is 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
information is 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 information 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 information.
For further information:
For further information: Dr. William J. F. Roach, President and Chief
Executive Officer, (403) 538-7030