AKITA Drilling Ltd. - NORMAL COURSE ISSUER BID

CALGARY, April 13 /CNW/ - The Corporation has filed a Notice of Intention to Make a Normal Course Issuer Bid (the "Notice") with the Toronto Stock Exchange (the "Exchange") pursuant to which the Corporation indicated that it intends, subject to the receipt of regulatory approval, to make a normal course issuer bid for certain of its outstanding Class A Non-Voting Shares on the terms set forth in the Notice. At the time of filing the Notice, the board of directors of the Corporation was of the belief, and continues to be of the belief, that the purchase of the Class A Shares from time to time at appropriate prices will minimize any dilution resulting from the exercise of stock options to purchase Class A Shares and is an advantageous use of the Corporation's funds.

On April 1, 2011, 16,476,629 Class A Shares were outstanding. Under the rules of the Exchange, the Corporation could have applied to the Exchange for approval to purchase up to 823,831 Class A Shares of the Corporation, being approximately 5% of the Class A Shares outstanding as at April 1, 2011. As set forth in the Notice, the Corporation has sought approval to, and intends to acquire no more than 494,298 Class A Shares  being 3.0% of the Class A Shares issued and outstanding as of April 1, 2011. The aggregate number of Class A Shares that the Corporation may purchase under the bid during any trading day is subject to a maximum daily purchase limit of 1,596 Class A Shares  (being 25% of the average daily trading volume for the six month period preceding the date hereof).  Exceptions may be made to this daily purchase limit in accordance with the "block purchase" exception set forth in the policies of the Exchange.

Any shares purchased pursuant to the Notice will be cancelled. Shares will be purchased at the market price of the shares at the time of purchase and will be purchased on behalf of the Corporation by a registered investment dealer through the facilities of the Exchange and in accordance with Exchange requirements. The funding for any purchase of Class A Shares pursuant to the normal course issuer bid will be financed out of working capital of the Corporation.

The average daily trading volume for the Class A Shares for the six month period preceding the date hereof was 6,385. The Corporation purchased 158,104 Class A Shares at an average trading price of $8.53 during the most recent twelve month period preceding the date hereof pursuant to a normal course issuer bid which commenced on October 8, 2009 and expired on October 7, 2010. All of such purchases were made by means of open market transactions through the facilities of the Exchange. Trustees under the pension plans of affiliates of the Corporation purchased no Class A Shares during the 12 month period preceding the date hereof.

A copy of the Notice may be obtained by any shareholder without charge, by contacting the Secretary/Treasurer of the Corporation at the head office of the Corporation.

AKITA Drilling Ltd. is an Alberta Company engaged in the contract drilling business and its outstanding Class A Non-Voting Shares are listed on the Toronto Stock Exchange under the symbol "AKT.A".

SOURCE AKITA Drilling Ltd.

For further information:

Murray Roth
Vice President, Finance and Chief Financial Officer
AKITA Drilling Ltd.
(403) 292-7950


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