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
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
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,
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/
CO: Encal Energy Ltd.
-0- (PRN) Jan/14/98 16:04
EOS (PRN) Jan/14/98 16:04 86
-0- (PRN) Jan/14/98 16:19
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