CALGARY, Feb. 26 /CNW/ - Flint Energy Services Ltd. ("Flint") is pleased
to announce that the Toronto Stock Exchange (the "TSX") has accepted Flint's
notice of intention to make a normal course issuer bid for its common shares.
Flint believes that the current market price of its common shares does not
accurately reflect their underlying value making the common shares an
attractive investment and an advantageous use of Flint's funds. Flint expects
that the purchase of common shares will benefit the remaining shareholders of
Flint by increasing their proportionate equity interest in Flint.
On February 26, 2009, there were 46,174,514 common shares outstanding.
Under the normal course issuer bid, Flint may acquire up to 2,308,725 common
shares, which is 5% of the total issued and outstanding common shares. All
purchases of common shares will be made through the facilities of the TSX at
the market price of the shares at the time of acquisition. Daily repurchases
by Flint will be limited to a maximum of 74,090 common shares, other than
block purchase exceptions. Any shares acquired by Flint will be cancelled.
The normal course issuer bid will commence on March 3, 2009 and will
terminate on March 2, 2010 or such earlier time as the bid is completed or
terminated at the option of Flint.
Flint most recently made a normal course issuer bid on February 29, 2008,
which normal course issuer bid terminated on February 28, 2009. Under that
most recent normal course issuer bid Flint repurchased a total of 1,746,300
shares at an average price of $10.97 per share.
Flint is a market leader providing an expanding range of integrated
products and services for the oil and gas industry including: production
services, facility infrastructure, oilfield transportation, tubular management
services, process equipment design and manufacturing, and plant maintenance.
Flint provides this unique breadth of products and services through over 60
strategic locations in the oil and gas producing areas of western North
America, from Inuvik in the Northwest Territories to Mission, Texas on the
Mexican border. Flint is a preferred provider of infrastructure construction
management, module fabrication, and maintenance services for upgrading and
production facilities in Alberta's oil sands sector. Flint Energy Services
Ltd. is a publicly traded company listed on the Toronto Stock Exchange under
the symbol "FES".
FORWARD LOOKING STATEMENTS
Certain statements in this news release are "forward-looking statements",
which reflect current expectations of the management of Flint regarding future
events or Flint's future performance. All statements other than statements of
historical fact contained in this news release may be forward-looking
statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in the forward-looking statements.
Flint believes that the expectations reflected in such forward-looking
statements are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward-looking statements
should not be unduly relied upon. The forward-looking statements are expressly
qualified in their entirety by this cautionary statement. The forward-looking
statements are made as of the date of this news release and Flint assumes no
obligation to update or revise them to reflect new events or circumstances,
except as expressly required by applicable securities law. Further information
regarding risks and uncertainties relating to Flint and its securities can be
found in the disclosure documents filed by Flint with the securities
regulatory authorities, available at www.sedar.com.
For further information:
For further information: W.J. (Bill) Lingard, President & Chief
Executive Officer; Paul Boechler, Chief Financial Officer; or Guy Cocquyt,
Director of Investor Relations; Telephone: (403) 218-7100, Fax: (403)
215-5481, Website: www.flintenergy.com