CALGARY, Oct. 16 /CNW/ - Angle Energy Inc. ("Angle" or the "Company")
announced today it has filed an amendment to its previously filed notice of
intention to make normal course issuer bid (the "Amended Notice") with the
Toronto Stock Exchange (the "TSX"), and the TSX has accepted the Amended
Notice. Pursuant to the Amended Notice, the limit of the shares that Angle
will be able to purchase under the normal course issuer bid will be based on
the public float as of September 15, 2008, rather than the issued and
outstanding shares as of September 15, 2008.
Pursuant to the Amended Notice, Angle will have the right to purchase for
cancellation by September 23, 2009 approximately 10 percent of the public
float or 2,997,700 of the company's issued and outstanding common shares. This
represents an additional 1,056,700 of the company's common shares, over and
above the initial maximum of 1,941,000 shares that was authorized by the TSX
in September 2008.
Through open-market transactions at prevailing market prices, Angle has
already repurchased and canceled 231,100 shares.
The normal course issuer bid will remain in effect until the earlier of
September 23, 2009, or until Angle has purchased the maximum number of shares
permitted under the bid.
Management and the directors of Angle believe that common shares may
become available during the proposed purchase period at prices which make them
an attractive investment for Angle.
Angle Energy Inc. was founded in 2004 for the purposes of participating
in oil and gas exploration, development and production in Canada. The
Company's focus is on generating and developing its own prospects and on the
acquisition of undeveloped lands directly or through farm-ins. At present,
Angle has two principal producing properties, both located in west central
Alberta and two emerging prospects also located in Alberta. Both emerging
projects are targeting large conventional gas plays.
For further information:
For further information: Gregg Fischbuch, President and Chief Executive
Officer, T: (403) 263-4534, firstname.lastname@example.org; Heather Christie-Burns,
Chief Operating Officer, T: (403) 263- 4534, email@example.com; Stuart
Symon, Chief Financial Officer, T: (403) 263-4534, firstname.lastname@example.org,