Oil sands junior UTS Energy Corp. publicly rejected an unsolicited bid by Total E&P Canada, Friday labeling the French energy giant’s offer as inadequate against a crucial new oil sands discovery and improved financial environment.

William Roach, UTS president and chief executive, stated:

The proposed Suncor/Petro-Canada merger will mean the commitment of a new, more experienced and much larger operator, which should considerably enhance the value of Fort Hills and UTS.

For full story, click here