/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES./
CALGARY, Dec. 22 /CNW/ - IROC Energy Services Corp. (IROC) (TSX Venture Exchange: "ISC") announced today that it will be continuing with a normal course issuer bid to purchase, through the facilities of the TSX Venture Exchange, up to a maximum of 2,174,848 of its common shares, representing 5% of IROC's issued and outstanding common shares, which, as of the date hereof, is 43,496,971 common shares. Purchases by IROC may commence on December 23, 2009 and will end no later than December 23, 2010.
IROC will pay the market price for its common shares on the TSX Venture Exchange at the time of acquisition and no purchases will be made other than by means of open market transactions during the period the normal course issuer bid is outstanding.
IROC believes that its common shares may from time to time be undervalued and may not reflect the financial strength and net asset value of the Company. All common shares purchased under the normal course issuer bid will be cancelled, increasing the respective proportionate share interests of all remaining shareholders. The funding for any purchases of common shares pursuant to the normal course issuer bid will be financed out of working capital.
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a diverse range of products, services and equipment to the oil and gas industry that are among the newest and most innovative in the WCSB. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in three core areas: Well Servicing & Equipment, Downhole Temperature & Pressure Monitoring Tools, and Rental Services. For more information on IROC Energy Services Corp. visit our website at www.iroccorp.com.
Certain statements contained in this press release may constitute forward looking statements concerning, among other things, expected revenues, expected expenses, profits, developments and strategies for IROC's operations all of which are subject to certain risks, uncertainties and assumptions. These forward looking statements are identified by their use of terms and phrases such as "anticipate", "continue", "estimate", "expect", "may", "will", "projected", "should", "believe" and other similar terms and phrases. By its nature, such forward looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. These risks include, but are not limited, to the risks associated with the oil and gas industry generally, fluctuating prices in crude oil and natural gas, changes in drilling activity, general global economic, political and business conditions, weather conditions, regulatory changes and availability of products, qualified personnel and manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect actual results may vary materially from those expected. IROC relies on litigation protection for any forward looking statements.
This press release is not for dissemination in United States or to any United States news services. The Common Shares of IROC have not and will not be registered on the United States Securities Act of 1933, as amended (the "United States Securities Act") or any state securities laws and are not offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the United States Securities Act and applicable state securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE IROC Energy Services Corp.
For further information: For further information: IROC Energy Services Corp., Mr. Thomas M. Alford, President and CEO, Telephone: (403) 263-1110, email: email@example.com