Lockerbie & Hole Implements a Normal Course Issuer Bid

    TSX: LH

    EDMONTON, Oct. 15 /CNW/ - Lockerbie & Hole Inc. ("Lockerbie") announces
that it has made the necessary filings, and received the necessary approvals,
to make a normal course issuer bid through the facilities of the Toronto Stock
Exchange commencing October 17, 2008 and ending October 16, 2009, or on such
earlier date as Lockerbie may complete its purchases under the bid.
    Lockerbie currently has 28,121,944 common shares outstanding, with
19,564,602 of such common shares in its "public float" (i.e. common shares
held by shareholders other than its directors, officers and 10% plus holders).
A total of 1,956,460 common shares may be acquired under the bid, representing
10% of Lockerbie's "public float". Lockerbie's daily purchase restriction
under the bid is 6,935 common shares, subject to "block purchase" exemptions
permitted by the rules of the Toronto Stock Exchange. Lockerbie will acquire
its common shares under the bid at the market price at the time of purchase,
with acquired common shares being cancelled.
    In the opinion of Lockerbie's Board of Directors, Lockerbie's common
shares are, from time to time, undervalued by the market, and the cost to
Lockerbie of acquiring its common shares under a normal course issuer bid is
an expense prudently incurred by Lockerbie to increase shareholder value.

    About Lockerbie

    Lockerbie was founded in 1898 and is one of the largest mechanical
construction contractors in Canada. Lockerbie is a multi-disciplined
contractor providing mechanical, electrical, instrumentation, pipe
fabrication, module assembly, boiler erection, insulation and civil
construction services primarily to the oilsands, mining, institutional,
municipal and commercial market sectors. Lockerbie is headquartered in
Edmonton, Alberta.

    %SEDAR: 00025533E

For further information:

For further information: Gordon L. Panas, President & Chief Executive
Officer, or Michael G. Slapman, Chief Financial Officer, Telephone: (780)
452-1250, Fax: (780) 452-1284, Website:

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