Trinidad Drilling announces minor changes to its stock option plan

 Trinidad Drilling announces minor changes to its stock option plan  /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION  IN THE UNITED STATES./  TSX SYMBOL:  TDG  CALGARY, April 29, 2014 /CNW/ - Trinidad Drilling Ltd. ("Trinidad") announces  that the Board of Directors of Trinidad has approved minor amendments to  Trinidad's stock option plan (the "Option Plan") which will place a limit on  individual awards to non-employee directors in equity compensation plans,  together with other administrative amendments.  The Toronto Stock Exchange has  approved the amended Option Plan.  The proposed amendments were made in part  to address comments raised by Institutional Shareholder Services Inc. ("ISS")  in the course of its consideration of the Option Plan.  The amendments to the Option Plan reflect the following changes:  Trinidad established a maximum non-employee director participation limit of an  annual equity award value of $100,000 per director (as determined by a  Black-Scholes calculation).  In addition, the amended Option Plan requires  shareholder approval for any amendment to the amending provisions to the  Option Plan or the non-employee director participation limit.  The amended Option Plan will be proposed to the shareholders for ratification  at our next annual general meeting to be held May 8, 2014 and Trinidad is  bound by the terms of the amended Option Plan until such time as the amended  Option Plan is approved by shareholders.  A copy of the amended plan can be  found on our SEDAR profile at www.sedar.com.  The board of directors feels that these amendments address all of the concerns  raised by ISS with respect to the Option Plan.  Trinidad believes a critical component of their executive compensation program  is the provision of long-term incentives to the executives, senior managers  and other key employees of the organization to ensure that a clear link exists  between employee compensation and the growth in shareholder value.  The Option  Plan is a fundamental component of its corporate strategy which is designed to  align individual goals and objectives with Trinidad's objective of creating  shareholder value.  FORWARD-LOOKING INFORMATION  This press release contains forward-looking statements and forward-looking  information (collectively, "forward-looking information") within the meaning  of applicable Canadian securities laws.  The use of any of the words "expect",  "anticipate", "will", "future" and similar expressions are intended to  identify forward-looking information.  In particular, this press release  contains forward-looking information pertaining to Trinidad's understanding of  ISS's concerns regarding its Option Plan and ratification of the Option Plan  at the shareholder meeting.  The forward-looking information included in this press release reflects  several factors, expectations and assumptions including, without limitation:  the belief that the amendments made to the Option Plan will address all of  ISS's concerns and that the Option Plan will be ratified at the shareholder  meeting.  The forward-looking information included in this press release is not a  guarantee of future performance and should not be unduly relied upon.   Forward-looking information is based on current expectations, estimates and  projections that involve a number of risks and uncertainties, which could  cause actual results to differ materially from those anticipated and described  in the forward-looking information including, without limitation: Trinidad's  belief that they have addressed all of ISS's concerns regarding the Option  Plan and that the Option Plan will be ratified at the shareholder meeting.   The forward-looking information contained in this press release speaks only as  of the date of this press release and Trinidad assumes no obligation to  publicly update or revise such forward-looking information to reflect new  events or circumstances, except as may be required pursuant to applicable  securities laws.  This news release shall not constitute an offer to sell or the solicitation of  an offer to buy the shares in any jurisdiction.  The shares offered will not  be and have not been registered under the United States Securities Act of 1933  and may not be offered or sold in the United States or to a United States  person, absent registration, or an applicable exemption therefrom.    SOURCE  Trinidad Drilling Ltd.   Lyle Whitmarsh Chief Executive Officer  Brent Conway President  Lisa Ottmann Vice President, Investor Relations (403) 294-4401  lottmann@trinidaddrilling.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/April2014/29/c5673.html  CO: Trinidad Drilling Ltd. ST: Alberta NI: OIL  
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