Petroflow Energy Ltd. Reports Intention to Undertake a Normal Course Issuer Bid.CALGARY, Alberta -- Petroflow Energy Ltd. Reports that it intends to conduct a normal course issuer bid to purchase for cancellation up to the greater of 500,000 common shares, or 5% of its issued and outstanding share capital. Petroflow plans to fund its share purchases under the bid with cash flow and available financing under its bank loan. The normal course issuer bid will be conducted through the facilities of the TSX Venture Exchange TSX Venture Exchange
Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. . The share repurchase Share Repurchase
A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. is being launched because management is of the view that the purchase of its common shares will help create value for the Company's shareholders.
It is expected that the normal course issuer bid will commence on December 22, 2008 and may continue for up to one year. Purchases will be made through Leede Financial Markets Inc. The Company has not previously repurchased any of its common shares in a normal course issuer bid.
On behalf of the Board of Directors
Petroflow Energy Ltd.
Mr. John Melton Sir John Melton (d. 1640) was an English merchant, writer and politician.
He was appointed Secretary to the Council of the North in 1635, by Charles I of England.He was elected Member of Parliament for Newcastle-upon-Tyne in the year of his death.
President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.
Forward-Looking Statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
This news release contains statements about potential purchases of common shares for cancellation under the normal course issuer bid, the related methods of funding as well as the timing and extent of such purchases. These statements may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation as they involve the implied assessment that the purchase of common shares can be consummated con·sum·mate
tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates
a. To bring to completion or fruition; conclude: consummate a business transaction.
b. in the future, at a price that will create value for the Company's shareholders, based on certain estimates and assumptions.
Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by Petroflow and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the ability to generate sufficient cash flow and/or access external debt to fund the share purchases, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services Well services is a department within a petroleum production company through which matters concerning existing wells are handled. Having a shared well services department for all (or at least multiple) assets operated by a company is seen as advantageous as it allows the pooling of , fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect Petroflow's operations or financial results, are included in Petroflow's reports on file with Canadian and United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest
administrative body, administrative unit - a unit with administrative responsibilities . We assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change unless otherwise required under securities law.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.