CALGARY, Jan. 14 /CNW-PRN/ - Encal Energy Ltd. (TSE: ENL, NYSE: ECA) (the ``Corporation'') announced today that The Toronto Stock Exchange has accepted notice filed by the Corporation of its intention to make a Normal Course Issuer Bid. The notice provides that the Corporation may, during the 12 month period commencing January 19, 1998 and ending January 18, 1999, purchase on The Toronto Stock Exchange up to a maximum of 6,192,116 common shares in total, being approximately 10% of the ``public float''. The price which the Corporation will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by the Corporation. There are approximately 104,410,031 common shares of the Corporation outstanding with the public float consisting of approximately 61,921,159 common shares. The Corporation believes that its common shares have been trading at a price range which does not adequately reflect their value in relation to the Corporation's assets, business and future business prospects. As a result, depending on future trading prices and other factors, the Corporation believes that the acquisition of its outstanding common shares in connection with the Normal Course Issuer Bid may represent a desirable use of a portion of the Corporation's available funds. Encal Energy Ltd. is an intermediate exploration and production company, with operations focused in West Central Alberta and Northern British Columbia, Canada. SOURCE: Encal Energy Ltd. /CONTACT: David D. Johnson, President and Chief Executive Officer, Steven A. Alliare, Vice President, Finance & Chief Financial Officer, (403) 750-3300, Fax: (403) 266-2337, E-Mail: invrel(at)encal.com/ (ENL. ECA) CO: Encal Energy Ltd. ST: Alberta IN: OIL SU: -30-
ENCAL ENERGY LTD. ANNOUNCES NORMAL COURSE ISSUER BID
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