/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
TSX Trading Symbol: UTS
CALGARY, Jan. 28 /CNW/ - UTS Energy Corporation ("UTS") today announced
that it is reviewing the unsolicited take-over proposal announced by Total
S.A. 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 proposal and will pursue the course of action that
is in the best interests of UTS and its shareholders. UTS shareholders are
advised to take no action at this time pending the review by the Board of
Directors of UTS.
RBC Capital Markets and TD Securities Inc. are serving as financial
advisors to UTS.
UTS is focused on the creation of shareholder value through exploration,
development, production and upgrading of bitumen 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.
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