CALGARY, ALBERTA--(Marketwire - Sept. 12, 2011) - Petrobank Energy and Resources Ltd. (News - Market indicators) announces that our Board of Directors has approved a normal course issuer bid (the "NCIB").
The Toronto Stock Exchange ("TSX") has accepted the Company's notice to make the NCIB to purchase outstanding common shares on the open market, in accordance with the rules of the TSX. As approved by the TSX, Petrobank is authorized to purchase up to 7,273,401 common shares, representing approximately 10% percent of the public float of Petrobank shares as defined by the policies of the TSX, being 72,734,010 shares. As of today's date, there are 106,326,305 common shares outstanding. On any trading day, Petrobank may not purchase more than 132,632 common shares, representing 25% of the average daily trading volume on the TSX over the previous six calendar months.
Petrobank is authorized to make purchases during the period from September 14, 2011 to September 13, 2012, or until such earlier time as the NCIB is completed or terminated at the option of Petrobank. Any common shares purchased by Petrobank under the NCIB will be purchased on the open market through the facilities of the TSX and other registered marketplaces, including ALPHA, OMEGA, PURE, Chi-X and Match Now, at the prevailing market price at the time of the transaction. All shares acquired under the NCIB will be cancelled.
Petrobank Energy and Resources Ltd. is a Calgary-based oil and natural gas exploration and production company with operations in western Canada. The Company operates high-impact projects through two business units and a technology subsidiary. Petrobank's 59% owned TSX-listed subsidiary, PetroBakken Energy Ltd. (TSX:PBN), is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. PetroBakken is applying leading edge technology to a multi‐year inventory of Bakken and Cardium light oil development locations, along with a significant inventory of opportunities in the Horn River and Montney gas resource plays in northeast BC. PetroBakken's strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield. Whitesands Insitu Partnership, a partnership between Petrobank and its wholly-owned subsidiary Whitesands Insitu Inc., owns 104 net sections of oil sands leases in Alberta, 36 sections of oil sands licenses in Saskatchewan and 15 sections of petroleum and natural gas rights along the Kerrobert channel trend near Kerrobert, Saskatchewan, and operates the Kerrobert and Conklin projects which are field-demonstrating Petrobank's patented THAI® heavy oil recovery process. THAI® is an evolutionary in-situ combustion technology for the recovery of bitumen and heavy oil that integrates existing proven technologies and provides the opportunity to create a step change in the development of heavy oil resources globally. THAI® and CAPRI® are registered trademarks of Archon Technologies Ltd., a wholly-owned subsidiary of Petrobank Energy and Resources Ltd., for specialized methods for recovery of oil from subterranean formations through in-situ combustion techniques and methodologies with or without upgrading catalysts. Used under license by Petrobank Energy and Resources Ltd.
