Oil sands company UTS Energy reports $4.7-million third-quarter loss
Published Friday November 13th, 2009
CALGARY - UTS Energy Corp. (TSX:UTS) said Friday it lost $4.7 million in its latest quarter compared with a loss of $936,000 a year ago.
The junior oil sands company said the loss for the quarter ended Sept. 30 amounted to a penny per share compared with a loss of $936,000 or 0.2 cents per share a year ago.
Revenue totalled $205,000, down from $3 million.
Last week, UTS announced plans to sell its half-interest in three northern Alberta properties to Imperial Oil Ltd. (TSX:IMO) and its parent ExxonMobil Corp. (NYSE:XOM), freeing up $200 million for other projects in the region.
The land package, east of the Firebag River in northeastern Alberta, includes Lease 421, which UTS acquired in a land sale in late 2006. The two adjacent leases, Nos. 022 and 023, were purchased in the 2008-09 winter season.
Control of the Lease 421 area is split evenly between UTS and Vancouver-based miner Teck Resources Ltd. (TSX:TCK.B).
UTS expects its after-tax proceeds will be $200 million, or $250 million before taxes.
UTS has a 20 per cent stake in the Fort Hills project, which was put on hold around a year ago in the midst of soaring costs and plummeting oil prices.
Suncor Energy Inc. (TSX:SU) holds the controlling 60 per cent stake, which had been Petro-Canada's before those two companies merged in August. Teck has the remaining 20 per cent interest.
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