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)
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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-0- Nov/07/2012 11:01 GMT
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