Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announced today that its
offer to acquire all of the outstanding common shares of UTS Energy
Corporation ("UTS") for C$1.75 cash per share (the "Offer") through
its wholly-owned subsidiary, Total E&P Canada Ltd. ("Total
Canada"), expired at 8:00 p.m. (Toronto time) on April 27,
2009.
At the time of expiry, the condition that there shall be at
least 662/3% of the common shares (calculated on a fully-diluted
basis) validly deposited under the Offer and not properly withdrawn
at the expiry time (the "Minimum Condition") had not been met. The
Offer is therefore terminated. Total Canada has instructed
Kingsdale Shareholder Services Inc., the depositary for the Offer,
to promptly return all deposited Common Shares in accordance with
the Offer.
"While we believed that our Offer represented certainty and fair
value for UTS shareholders, we acknowledge their decision," said
Michael Borrell, President & C.E.O of Total Canada. "Total
Canada remains committed to its current activities and investments
in Canada and will continue to implement its willing strategy in
the oil sands".
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 kilometres 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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Total is one of the world's major oil and gas groups, with
activities in more than 130 countries. Its 97,000 employees put
their expertise to work in every part of the industry - exploration
and production of oil and natural gas, refining and marketing, gas
& power and trading. Total is working to keep the world
supplied with energy, both today and tomorrow. The Group is also a
first rank player in chemicals. www.total.com
TOTAL
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Tel.: 33 (1) 47 44 58 53
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TOTAL S.A.
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542 051 180 R.C.S. Nanterre