TORTOLA, British Virgin Islands, July 15 /CNW/ - Orca Exploration Group
Inc. ("Orca") today announced its intention to initiate a Normal Course Issuer
Bid for purchase of its Class "B" Subordinate Voting Shares through the
facilities of the TSX Venture Exchange.
Subject to approval of the TSX Venture Exchange, purchases made pursuant
to the bid will not exceed 1,393,156 Class "B" shares of Orca representing up
to 5% of the total of 27,863,128 Class "B" Common Shares. The Normal Course
Issuer Bid provisions will be in effect from July 15, 2008 to June 30, 2009.
The issuer will spend a maximum of $5,000,000.
Orca believes that the purchase of Class "B" shares under the bid will
contribute to the facilitation of an orderly market and be in the best
interests of the Corporation and its shareholders. The Class "B" Common shares
will be purchased by Orca on the open market exclusively through the
facilities of the TSXV pursuant to its rules governing normal course issuer
Orca is a TSXV listed company, focused on the exploration and production
of natural gas and the sale of "Additional Gas" to markets in East Africa. The
Company trades on the TSXV under the trading symbols ORC.B and ORC.A.
Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve
substantial known and unknown risks and uncertainties, certain of which are
beyond Orca's control, including the impact of general economic conditions in
the areas in which Orca operates, civil unrest, industry conditions, changes
in laws and regulations including the adoption of new environmental laws and
regulations and changes in how they are interpreted and enforced, increased
competition, the lack of availability of qualified personnel or management,
fluctuations in commodity prices, foreign exchange or interest rates, stock
market volatility and obtaining required approvals of regulatory authorities.
In addition there are risks and uncertainties associated with oil and gas
operations, therefore Orca's actual results, performance or achievement could
differ materially from those expressed in, or implied by, these
forward-looking estimates and, accordingly, no assurances can be given that
any of the events anticipated by the forward-looking estimates will transpire
or occur, or if any of them do so, what benefits, including the amounts of
proceeds, that Orca will derive therefrom.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this Press Release.
For further information:
For further information: Nigel A. Friend, CFO, +255 (0)22 2138737,
email@example.com; Peter R. Clutterbuck, CEO, +44 (0) 7768 120727,