Primary Petroleum Announces Normal Course Issuer Bid
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 12/22/11 -- Primary Petroleum Corporation (TSX VENTURE: PIE)(OTCQX: PETEF) ("Primary" or the "Company") is pleased to announce that the Company intends to launch a normal course issuer bid ("Issuer Bid") to purchase up to 7,358,610 of its common shares through the facilities of the TSX Venture Exchange.
The purchase of common shares under the Issuer Bid will enable the Company to acquire its shares for cancellation. Primary believes that the market price of the Company's common shares may not reflect their underlying value and that the purchase of common shares for cancellation will increase the proportionate shareholdings of, and will be advantageous to, all remaining shareholders.
There have not been any previous purchases under a normal course issuer bid by Primary within the past 12 months.
Currently, Primary has 147,172,205 common shares issued and outstanding. The common shares that may be repurchased over a twelve-month period represent approximately 5% of Primary's 147,172,205 outstanding common shares in the public float, or 7,358,610 shares. Primary has appointed Jones Gable & Company Limited as the Participating Organization that will be conducting the Issuer Bid on behalf of Primary with purchases under the Issuer Bid being able to commence on December 22, 2011 through to and including December 22, 2012. The amount and timing of such purchases will be determined by the Company and in accordance with TSX Venture Exchange policies.
About Primary Petroleum Corporation - Primary is a junior oil and gas company engaged in exploration and development activities in Montana and currently holds substantial land positions in two unconventional tight oil plays in North America. The Company's mandate is to continue to acquire strategic land positions of merit in the Sedimentary Basins of the Western United States and Canada and seek out qualified industry partners to exploit and develop our acreage. To learn more about us, please visit our website at: .
FORWARD LOOKING STATEMENTS DISCLAIMER: Certain statements in this document may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Primary Petroleum Corporation
Mike Marrandino
President & CEO
(403) 262-3132
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 22.12.2011 - 14:00 Uhr
Sprache: Deutsch
News-ID 99488
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
Diese Pressemitteilung wurde bisher 378 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Primary Petroleum Announces Normal Course Issuer Bid"
steht unter der journalistisch-redaktionellen Verantwortung von
Primary Petroleum Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
