CALGARY, Jan. 9, 2015 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the "Corporation") (TSX–CFW) announced today that it has entered into an automatic share purchase plan with a broker in order to facilitate repurchases of its common shares under its previously announced normal course issuer bid.
On December 15, 2014, the Corporation announced that it had received approval from the Toronto Stock Exchange ("TSX") to make a normal course issuer bid to purchase up to 7,177,721 of its common shares, representing 10% of the public float. The normal course issuer bid will terminate on December 16, 2015, or such earlier date as the Corporation may complete repurchases under the bid.
Under the Corporation's automatic share purchase plan, the Corporation's broker may repurchase shares under the normal course issuer bid during the Corporation's self-imposed blackout period.
Purchases will be made by the Corporation's broker based upon the parameters prescribed by the TSX and applicable Canadian securities laws and the terms of the parties' written agreement. The automatic share purchase plan has been approved by the TSX and will be implemented effective immediately.
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, Colombia and Argentina.
SOURCE Calfrac Well Services Ltd.
For further information: Fernando Aguilar, President and Chief Executive Officer, Telephone: (403) 266-6000, Fax: (403) 266-7381; Michael J. McNulty, Chief Financial Officer, Telephone: (403) 266-6000, Fax: (403) 266-7381; Ian Gillies, Manager, Investor Relations, Telephone: (403) 266-6000, Fax: (403) 266-7381