/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./
CALGARY, Sept. 12, 2011 /CNW/ - Novus Energy Inc. ("Novus" or the "Company") (TSXV: NVS) announces that it intends to make a normal course issuer
bid through the facilities of the TSX Venture to buy up to 5,000,000 of
its issued and outstanding Common Shares. This amount represents
approximately 3% of Novus' 169.5 million issued and outstanding Common
Shares. The bid will commence September 15, 2011 and expire September
14, 2012 and any shares acquired pursuant to the bid will be cancelled.
The bid will be conducted through National Bank Financial Inc., a
member of the TSX Venture Exchange.
Novus' reasoning for the normal course issuer bid is that from time to
time the purchase of Common Shares for cancellation will increase the
proportionate interest of, and be advantageous to, all remaining
shareholders. In addition, any purchases made by Novus will afford
increased liquidity to those shareholders of the Company who may wish
to dispose of their Common Shares.
Novus Energy Inc. is a well positioned, junior oil and gas company with
a proven management team committed to aggressive, cost-effective growth
of high netback light oil reserves and production. Novus will continue
to grow through a targeted acquisition and consolidation strategy
coupled with development and exploration drilling.
Novus Shares trade on the TSX Venture Exchange under the symbol NVS.
Novus currently has 169.5 million common shares outstanding.
Neither the 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.
This news release will not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction.
Such securities have not been registered under the United States
Securities Act of 1933 and may not be offered or sold in the United
States, or to a U.S. person, absent registration, or an applicable
ADVISORY REGARDING FORWARD LOOKING STATEMENTS
Certain disclosures set forth in this press release constitute
forward-looking statements. Any statements contained herein that are
not statements of historical facts may be deemed to be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "anticipate", "believes",
"budget", "continue", "could", "estimate", "forecast", "intends",
"may", "plan", "predicts", "projects", "should", "will" and other
similar expressions. All estimates and statements that describe the
Company's future, goals, or objectives, including Management's
assessment of future plans and operations, may constitute
forward-looking information under securities laws. Forward-looking
statements involve known and unknown risks and uncertainties which
include, but are not limited to: exploration, development and
production risks; assessments of acquisitions; reserve measurements;
availability of drilling equipment; access restrictions; permits and
licenses; aboriginal claims; title defects; commodity prices; commodity
markets; transportation and marketing of crude oil, liquids and natural
gas; reliance on operators and key personnel; competition; corporate
matters; funding requirements; access to credit and capital markets;
market volatility; cost inflation; foreign exchanges rates; general
economic and industry conditions; environmental risks; Kyoto protocol;
and government regulation and taxation.
Forward-looking statements relate to future events and/or performance
and although considered reasonable by Novus at the time of preparation,
may prove to be incorrect and actual results may differ materially from
those anticipated in the statements made. Novus does not undertake any
obligation to publicly update forward-looking information except as
required by applicable securities law.
SOURCE Novus Energy Inc.
For further information:
| NOVUS ENERGY INC. || || |
| Hugh G. Ross |
President and CEO
| || Ketan Panchmatia |
Chief Financial Officer
| Julian Din |
VP Business Development