Total says that its offer to acquire all of the outstanding common shares of UTS Energy Corporation (UTS) for C$1.75 cash per share 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662/3% of the common shares (calculated on a fully-diluted basis) validly deposited under the Offer and not properly withdrawn at the expiry time had not been met.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”.

Tags: Total