UTS Energy Corporation (UTS) reports the successful conclusion of the plan of arrangement whereby Total E&P Canada Ltd. acquired all of the issued and outstanding common shares of UTS for cash consideration of approximately $1.5 billion or $3.08 per UTS Share. Under the Arrangement, UTS Shareholders also received for each UTS Share held 0.1 common shares of SilverBirch Energy Corporation.

'Today's announcement reflects the success UTS has seen over the past years as we executed our strategy of adding value to our assets. I would like to sincerely thank the Board of Directors and the team at UTS for their diligence in bringing this company to a successful conclusion. I would also like to thank the shareholders of UTS for their continued support,' said William Roach, President and Chief Executive Officer of UTS.

Approval of the transaction has been received by both the Court of Queen's Bench of Alberta and under the Investment Canada Act. It is expected that UTS shares will cease trading on the Toronto Stock Exchange in the near future.

Tags: UTS Energy Corp.