CALGARY, Oct. 20 /CNW/ - Calfrac Well Services Ltd. (the "Corporation")
(TSX: CFW) 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 common shares on the terms set forth in the Notice. From time to
time, common shares may become available for purchase at prices that make them
an attractive investment. The Corporation expects that the purchase of common
shares will benefit the remaining shareholders of the Corporation by
increasing their equity interest in the Corporation's assets.
On October 14, 2008, 37,844,343 common shares were outstanding. Under the
rules of the Exchange, in the period commencing on October 23, 2008, and
ending on October 22, 2009, the Corporation may acquire up to 1,892,217 common
shares of the Corporation, being approximately 5% of the common shares
outstanding as at October 14, 2008. If market conditions permit, the
Corporation presently anticipates that it will acquire the maximum number of
shares it is entitled to purchase as set forth above as. In accordance with
the applicable rules of the Exchange, the maximum number of shares which may
be acquired by the Corporation on any given day is 48,324, subject to the
block purchase exemption provided for in the Company Manual.
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
common shares pursuant to the normal course issuer bid will be financed out of
working capital of the Corporation.
The Corporation has not purchased any common shares pursuant to a normal
course issuer bid 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 Corporate Secretary of the Corporation at 411 - 8th Avenue
S.W., Calgary, Alberta T2P 1E3, (403) 266-6000.
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 and Argentina.
For further information:
For further information: Douglas R. Ramsay, President and Chief
Executive Officer, Telephone: (403) 266-6000, Fax: (403) 266-7381; Tom J.
Medvedic, Senior Vice President, Finance and Chief Financial Officer,
Telephone: (403) 266-6000, Fax: (403) 266-7381