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TSX Trading Symbol: UTS
CALGARY, July 29 /CNW/ - UTS Energy Corporation ("UTS" or the "Company") is pleased to announce that its Board of Directors has approved the management team that will lead SilverBirch Energy Corporation ("SilverBirch") effective upon completion of the previously announced plan of arrangement with Total E&P Canada Ltd.
The management team will be led by Mr. Howard Lutley, P.Eng as President and Chief Executive Officer. Mr. Lutley has been the Vice President of Mining and Extraction of UTS since September 2004. He is a professional engineer with over 30 years experience with engineering and development of surface and underground mines. He has been involved in all phases of the development of the Equinox and Frontier Projects, which will be SilverBirch's principal assets. Prior to joining UTS, Mr. Lutley was the President and Chief Executive Officer of Norwest Corporation, an internationally recognized leader in providing consulting expertise in the energy, mining and natural resource industries.
The SilverBirch management team will also include the following individuals, all of whom are currently members of the UTS management team:
- Wayne Bobye - Vice President and Chief Financial Officer - Mr. Bobye
has been Vice President and Chief Financial Officer of UTS since
2005. He has over 30 years in the oil and gas industry, with
significant emphasis on debt and capital market financing relating to
the construction and operation of large projects.
- Susan Pain - Vice President, Finance - Ms. Pain has been the
Controller of UTS since 2007 and has been an integral part of the
finance team since she commenced work with UTS in 2002. Prior to
joining UTS, Ms. Pain spent 17 years in public practice with a number
of chartered accounting firms providing service to clients in a wide
range of industries.
- Phil Aldred - Vice President, Resources - Mr. Aldred has been
Exploration Manager with UTS since 2006 and responsible for the
planning and execution of UTS' exploration field programs. He has
over 30 years of experience in the oil and gas industry, including
assignments with resource management teams responsible for natural
gas and oil sands development in northeastern Alberta.
- Cam Bateman - Vice President, Projects - Mr. Bateman has been
responsible for regulatory and stakeholder affairs at UTS since 2007.
He has over 27 years of experience in mine development and
reclamation planning; mine licensing and permitting; environmental
impact assessment, monitoring and mitigation; stakeholder relations
and land acquisition and administration.
- Jina Abells Morissette - Vice President, Legal and Administration -
Ms. Abells Morissette has been responsible for UTS' legal affairs
since 2004. She is formerly from Husky Energy Inc. where she provided
legal advice for six years primarily for the Canadian Offshore and
International Business Group. Ms. Abells Morissette will be
responsible for human resources and information technology, as well
as legal matters at SilverBirch.
Dr. William Roach, P.Eng, the current President and Chief Executive Officer of UTS, has advised the UTS Board of Directors that he intends to remain with UTS through completion of the plan of arrangement and to assist Mr. Lutley as he transitions into the role of President and Chief Executive Officer of SilverBirch.
Dr. Roach stated that "The SilverBirch management team is comprised of a high quality group of individuals with immense experience and knowledge with respect to the Frontier and Equinox Projects as well as the other assets to be acquired by SilverBirch upon completion of the plan of arrangement. I anticipate this team will provide the management and operational expertise necessary to unlock the intrinsic value of SilverBirch's portfolio of existing assets and undeveloped lands through organic growth."
"On behalf of the Board of Directors I would like to express our sincere thanks to Dr. Roach for his tremendous commitment to the development of UTS. Dr. Roach has been instrumental in the success of UTS over the past six years and we wish him all the best in his future endeavors," said John Watson, Chair of the UTS Board of Directors.
Business of UTS
UTS is focused on the creation of shareholder value through exploration, development and production of hydrocarbon resources, mainly mineable oil sands deposits from the Athabasca Oil Sands Area in north-eastern Alberta.
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 UTS, this news release contains "forwarding-looking information" and "forward-looking information" within the meaning of applicable securities law. Forward-looking information and statements are frequently characterized by words such as "expect", "intend", "anticipate" and other similar words, or statements that certain events or conditions "will" occur. The forward-looking information and statements in this news release relate to, but are not limited to, statements with respect to the management team of SilverBirch, the management of UTS until the closing of the plan of arrangement, transitional plans for UTS and SilverBirch and expectations regarding the development of the assets of SilverBirch following completion of the proposed plan of arrangement.
The forward-looking statements and information in this news release are based on certain key expectations and assumptions made by UTS, including the receipt, in a timely manner, of regulatory, security holder and third party approvals in respect of the proposed plan of arrangement, the closing of the plan of arrangement and the requirements to develop the assets of SilverBirch following completion of the proposed plan of arrangement.
The forward-looking information and statements 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 information and statements. Such risks, uncertainties and other factors include, among others: failure to realize the anticipated benefits of the proposed plan of arrangement and of the development of the SilverBirch assets; SilverBirch's early stage of development; SilverBirch's ability to access sufficient capital from internal and external sources; the failure to obtain required regulatory, security holder and other third party approvals in respect of the proposed plan of arrangement and the development of the assets of SilverBirch following the plan of arrangement; changes in legislation, including but not limited to tax laws, royalty rates and environmental regulations. There are numerous uncertainties inherent in estimating bitumen, including many factors beyond UTS' control, and no assurance can be given that the expected level of bitumen or the recovery thereof from the assets of SilverBirch following the proposed plan of arrangement will be realized. UTS undertakes no obligation to update forward-looking information and 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 information and forward-looking statements.
SOURCE UTS ENERGY CORPORATION
For further information: For further information: Dr. William J. F. Roach, President and Chief Executive Officer, at 403-538-7030