Nov. 2 (Bloomberg) -- Exxon Mobil Corp., the world’s biggest oil company, agreed to pay C$250 million ($231 million) for UTS Energy Corp.’s stakes in three oil-sands prospects in western Canada.

UTS expects after-tax proceeds for its 50 percent stakes in the leases east of Alberta’s Firebag River to be about C$200 million, the Calgary-based company said today in a statement. Vancouver-based Teck Resources Ltd. owns the other 50 percent of the Alberta leases, which cover a combined area equal to half the size of Sacramento, California.

UTS, which defeated a C$830 million hostile takeover attempt by France’s Total SA in April, said the money will help finance its share of development costs in Suncor Energy Inc.’s C$25.3 billion Fort Hills tar-sands project and other prospects.

Today’s transaction with Exxon Mobil and the Irving, Texas- based company’s majority-owned Imperial Oil Ltd. ends UTS’s efforts to find alternative buyers for assets after Total made its initial bid in January, according to the statement.

UTS’s directors rejected Total’s offer despite a sweetened bid after Chief Executive Officer William Roach said the proposal undervalued the company.

UTS rose 6 cents, or 2.9 percent, to C$2.10 on the Toronto Stock Exchange. Exxon climbed 48 cents to $72.15 in composite trading on the New York Stock Exchange.

The transaction is expected to close in the next month, according to the statement. RBC Capital Markets and TD Securities acted as financial advisers to UTS. The law firm Blake Cassels & Graydon LLP provided legal counsel.

To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net

Last Updated: November 2, 2009 16:37 EST