Total Receives Investment Canada Approval for Proposed UTS Takeover
Total E&P Canada Ltd. ("Total Canada"), a wholly-owned subsidiary of Total S.A., has received approval from the Minister responsible for the Investment Canada Act in connection with Total E&P Canada's offer to acquire all of the issued and outstanding common shares of UTS Energy Corporation (the "Offer").
The previously announced Offer by Total E&P Canada to acquire the UTS shares for $1.75 per share in cash is open for acceptance until 8:00 p.m. (Toronto time) on April 27, 2009.
The offer represents a premium of approximately 111% over the closing price of $0.83 for UTS common shares on January 27, 2009, the last trading day preceding the announcement of Total Canada's intention to make the Offer.
Further details of the Offer are contained in the Offer and Circular dated January 29, 2009, as amended by a Notice of Extension dated March 30, 2009 and a Notice of Variation and Extension dated April 14, 2009, each of which has been filed on SEDAR at www.sedar.com. Questions and requests for assistance may be directed to Kingsdale Shareholder Services Inc. at 1-800-749-9197 (toll free) or (416) 867-2272 (outside North America).
Total Exploration & Production in Canada
Total is the operator of the Joslyn project with a 74% interest. The project will be developed using surface mining technologies. The production potential of the project is currently estimated at more than 200,000 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, and now holds 50% of the project.
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