AKITA Drilling Ltd. - Normal Course Issuer Bid



    CALGARY, July 30 /CNW/ - The Corporation has filed a Notice of Intention
to Make a Normal Course Issuer Bid (the "Bid") 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 July 30, 2008, 16,612,958 Class A Shares were outstanding. Under the
rules of the Exchange, in the period commencing on August 5, 2008 and ending
on August 4, 2009 the Corporation may acquire up to 830,648 Class A Shares of
the Corporation, being approximately 5% of the Class A Shares outstanding as
at July 30, 2008. If market conditions permit, the Corporation presently
anticipates that it will acquire up to 498,389 Class A Shares, which number
represents approximately 3.0% of the Class A Shares outstanding as at July 30,
2008.
    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. 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 7,501. The Corporation purchased 5,300
Class A Shares at an average trading price of $15.53 during the 12 month
period preceding the date hereof pursuant to a normal course issuer bid which
commenced on June 15, 2007 and expired on June 14, 2008. 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".

    %SEDAR: 00002868E




For further information:

For further information: Murray Roth, Vice President, Finance, AKITA
Drilling Ltd., (403) 292-7950


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