Calfrac Announces Normal Course Issuer Bid

CALGARY, Nov. 2, 2011 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX-CFW) is pleased to announce that the Toronto Stock Exchange (the "TSX") accepted the Company's notice of intention to make a 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 Company's funds.  The Company expects that the purchase of common shares will benefit the remaining shareholders of the Company by increasing their equity interest in the Company's assets.

On October 31, 2011, there were 43,883,248 common shares outstanding and the public float was 32,462,169 common shares.  Under the normal course issuer bid, the Company may acquire up to 3,246,216 common shares, which is 10% of the public float.  The maximum number of common shares that may be acquired by the Company during the same trading day is 42,392, subject to the Company's ability to make one block purchase of common shares per calendar week that exceeds such limit.  All purchases of common shares will be made through the facilities of the TSX at the market price of the shares at the time of acquisition.  Any shares acquired will be cancelled.  During the past 12 months, no shares have been repurchased by Calfrac.

The normal course issuer bid will commence on November 7, 2011, and will terminate on November 6, 2012 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.


 

SOURCE Calfrac Well Services Ltd.

For further information:

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

 


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.