AUGUST 3, 2010

The Equinox Project, comprising 7,146 acres owned equally by UTS and Teck is located across the Athabasca River directly west of the northern boundary of the Fort Hills Project and is immediately adjacent to the oil sands leases associated with the Pierre River Mine proposed by Shell.

UTS and Teck are assessing the potential for developing the Equinox Project as a satellite operation that would become a fourth phase to the Frontier Project. A Public Disclosure Document released on March 25, 2008 described the Equinox Project and initiated the regulatory process.

EQUINOX PROJECT - Contingent Bitumen Resources*

An independent audit established a contingent resource best estimate of 0.33 billion barrels at the end of 2008, with no material changes or updates made to the audit of the Equinox Project in 2009 as reflected in the Sproule Report. To view UTS’ contingent bitumen resources effective December 31, 2009, please refer to “Oil Sands Resource Estimates” in UTS’ AIF dated March 23, 2010 available on SEDAR at www.sedar.com.

EQUINOX PROJECT– Project Activities

A DBM engineering study was initiated in the second quarter of 2008 to advance scoping studies completed in 2007 to the next stage of definition. A draft of this study is under review by the partners but will not be finalized until the potential to develop the Equinox Project as a satellite bitumen froth production facility to the Frontier Project has been evaluated.

In addition to this scoping study, an assessment was also completed on the potential to integrate the Equinox Project and Frontier Projects. The assessment indicates that Equinox could be integrated as a fourth phase of the Frontier Project with some capital cost efficiencies. As a result, regulatory and stakeholder related activities for the Equinox Project are being managed as part of the integrated Frontier/Equinox Project.

Baseline environmental and historical resources studies have been completed for the Equinox Project Area.

At present, no decisions have been made regarding product quality specifications, marketing and transportation arrangements, or joint development with other area operators. In parallel with the above activities, UTS continues to assess other strategic options for maximizing the value of the Equinox Project.

For further details please see UTS’ Q2 Interim Report (as at August 3, 2010)