Calfrac Announces Renewal of Normal Course Issuer Bid
CALGARY, Nov. 7, 2012 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the "Corporation") (TSX: CFW) is pleased to announce that the Toronto Stock Exchange (the "TSX") accepted the Corporation's notice of intention to renew its normal course issuer bid for its common shares. From time to time, common shares may become available for purchase at prices that make them an attractive investment and an advantageous use of the Corporation's funds. The Corporation expects that the purchase of common shares will benefit the remaining shareholders of the Corporation by increasing their equity interest in the Corporation's assets.
On October 31, 2012, there were 44,728,459 common shares outstanding and the public float was 33,187,381 common shares. Under the normal course issuer bid, the Corporation may acquire up to 3,318,738 common shares, which is 10% of the public float. All purchases of common shares will be made through the facilities of the TSX, alternative trading systems or such other exchanges or marketplaces through which the common shares may trade from time to time at the market price of the shares at the time of acquisition. Any shares acquired will be cancelled. During the past 12 months, 196,800 shares have been repurchased by Calfrac.
The normal course issuer bid will commence on November 12, 2012, and will terminate on November 11, 2013 or such earlier date on which Calfrac completes its purchases of common shares under the normal course issuer bid or terminates the normal course issuer bid at its option.
Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW". Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia, Mexico, Colombia and Argentina.
Douglas R. Ramsay Chief Executive Officer Telephone: (403) 266-6000 Fax: (403) 266-7381
Laura A. Cillis Senior Vice President, Finance and Chief Financial Officer Telephone: (403) 266-6000 Fax: (403) 266-7381
Tom J. Medvedic Senior Vice President, Corporate Development Telephone: (403) 266-6000 Fax: (403) 266-7381
SOURCE: Calfrac Well Services Ltd.
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CO: Calfrac Well Services Ltd. ST: Alberta NI: OIL
-0- Nov/07/2012 11:01 GMT