UTS 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.