Total E&P Canada has been advised that approval under the Investment Canada Act ("ICA") in connection with its offer to acquire all of the outstanding common shares of UTS Energy Corporation ("UTS") at a purchase price of Can $1.30 cash per share (the "Offer") will not be received on or prior to March 30, 2009, the expiry date of the offer.
As a result, the Offeror announced that it has extended the expiry time for the Offer from 8:00 p.m. (Toronto time) on March 30, 2009 to 8:00 p.m. (Toronto time) on April 16, 2009. This date is the business day immediately following the expiration of the current period by the end of which the Minister of Industry is required under the ICA to advise the Offeror of the outcome of the Ministry's review of the transaction.
The Offeror anticipates mailing a Notice of Extension on or about March 30, 2009.
Total Exploration and Production in Canada
Total is the operator of the Joslyn project with a 74% interest. The project will mainly be developed using surface mining technologies. The production potential of the project is currently estimated at 230,000 barrels per day.
Total also holds a 50% interest in the Surmont lease, located about 60 kilometers 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.
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