CALGARY, Aug. 29 /CNW/ - GEOCAN Energy Inc. ("GEOCAN" or the
"Corporation") announces that the Toronto Stock Exchange (the "TSX") has
approved the Corporation's normal course issuer bid. The maximum number of
class "A" common shares of the Corporation ("Common Shares") which may be
acquired by way of the issuer bid is 2,798,628, representing approximately 5%
of the outstanding Common Shares and a maximum of 12,764 Common Shares may be
purchased by the Corporation on any one day. As at August 24, 2007, there were
55,972,569 Common Shares outstanding. GEOCAN intends to commence the bid on
September 4, 2007 and terminate the bid on September 3, 2008.
GEOCAN's Board of Directors believes that the purchase of Common Shares
pursuant to the normal course issuer bid is in the best interests of GEOCAN
and its shareholders as the Common Shares may become available for purchase at
prices which make them an appropriate use of GEOCAN's funds. All shares
purchased under the issuer bid will be cancelled and returned to treasury.
GEOCAN intends to acquire Common Shares from time to time in amounts and
prices which its management believes are favourable and consistent with
prudent economic and financial considerations. During the 12-month period from
July 17, 2006 to July 16, 2007, the Corporation purchased 556,395 Common
Shares pursuant to a normal course issuer bid approved by the TSX and which
expired on July 16, 2007, at an average price of $1.60 per share.
Any purchases made by GEOCAN under the bid will be made through the
facilities of and in accordance with the rules of the TSX.
GEOCAN is an oil and gas company with operations in British Columbia,
Alberta and Saskatchewan. The focus of GEOCAN's current growth strategy is
exploration and development while pursuing accretive acquisitions that create
value for its shareholders. Fiscal discipline, operational control and a
balanced risk profile are key components of this strategy.
Advisory Regarding Forward-Looking Statements:
This press release may contain forward-looking statements including
expectations of the Corporation acquiring Common Shares under the normal
course issuer bid. This is based on current expectations that involve a number
of risks and uncertainties, which could cause actual results to differ from
those anticipated. These risks include, but are not limited to: the risks
associated with the oil and gas industry (e.g., operational risks in
development, exploration and production; delays or changes in plans with
respect to exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks), commodity price, price and exchange rate fluctuation and
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures. GEOCAN's
actual results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events anticipated by
the forward-looking statements will transpire or occur or, if any of them do,
to what benefit GEOCAN will derive therefrom. GEOCAN disclaims any intention
or obligation to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise.
For further information:
For further information: Wayne Wadley, President and CEO or Brad Farris,
VP Finance and CFO, GEOCAN Energy Inc., Phone No. (403) 261-3851, Fax No.
(403) 261-3834, Internet: www.geocan.com