Opinions

Alex Squires UTS Energy UTS-T TOP PICK Jul 30, 2004

There have been some recent developments which make it quite exciting. Just bought its US parent out. Have received approvals for their project.

Alex Squires

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$0.690

Stock price when the opinion was issued

oil gas

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DON'T BUY

The question is what they are going to do with Fort Hills. Waiting for Suncor (SU-T) to give their plans for this and they have until 2019 to put it on production. Very levered to oil sands.

HOLD

Could be taken over any day. Management wants to get a fair price for the company. We know the asset is there.

HOLD

Have a share in the Fort Hills oil sands project. With capital a little more unavailable, the stock has opened up. A takeover offer was rejected.

BUY ON WEAKNESS

Great basket of assets but unfortunately they don't control their own fate. Just announced they had sold their leases, which was a great transaction. Probably fully valued. Would consider at $1.75-$1.80.

BUY

Bottomed out at the end of 08 at around $.80 and took a big jump one day at the beginning of 09. Followed by a very long base and moved up in the latter part of 09. Formed another base early this year. Potential on a short-term basis is $3.50 but will probably be slow. Use a stoploss at around $2.30.

WAIT

Risk profile is higher. Their big project is the Fort Hills project, which SU operates but since the merger with Petro Canada, it is not their biggest priority. UTS have lots of cash on the balance sheet.

COMMENT

Total (TOT-N) is making a bid to acquire at $3.08. Trading at $3.49 and the difference is the value of their Silverbirch assets, undeveloped oil sands that will take 5-7 years to come on stream.

HOLD

Being acquired by Total (TOT-N) at $3.08 and current stock price is $3.49. There is about $.40 value in a spin-off stock called Silver Birch. You will have 20% stake in the Fort Hills project and you hold onto this for that reason. Silver Birch could work out to be interesting.

HOLD

Being acquired by Total (TOT-N). You will end up with $3.08 and Silver Birch, which will give you two first-class positions in the oil sands.

COMMENT

Being acquired by Total (TOT-N). If you own, you should tender, as he doesn't expect there will be another competing offer.

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Alex Squires UTS Energy UTS-T TOP PICK Jul 30, 2004

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