Trinidad Drilling Ltd. announces the implementation of a normal course issuer bid



    CALGARY, Sept. 2 /CNW/ - Trinidad Drilling Ltd. ("Trinidad" or the
"Corporation") (TSX-TDG) announced today that it has received approval from
the Toronto Stock Exchange (the "TSX") to acquire for cancellation, by way of
normal course issuer bid (the "Bid"), up to 9,373,221 common shares of the
Corporation, which represent approximately 10 percent of the Corporation's
public float. The Corporation had 96,290,881 common shares issued and
outstanding on August 29, 2008, of which, to the knowledge of the Corporation,
directors, senior officers and principal shareholders (as such term is defined
in Rule 6-101 of the TSX) of the Corporation held 2,558,675 (approximately
three percent) of the issued and outstanding common shares.
    The Bid will commence on September 4, 2008 and terminate on the earlier
of September 3, 2009 or the date upon which the Corporation acquires the
maximum number of common shares to be purchased pursuant to the Bid. Pursuant
to TSX policies, daily purchases made by Trinidad may not exceed 130,402
common shares, representing 25 percent of the six month average daily trading
volume of 521,609 common shares on the TSX, subject to certain exceptions
prescribed by the TSX including the "block purchase exemption".
    The board of directors of Trinidad believes the underlying value of the
Corporation's common shares may not be reflected in the current or future
market price of the common shares and has therefore decided to undertake the
    Purchases pursuant to the Bid will be effected through the facilities of
the TSX or other Canadian marketplaces, purchases and payment for the common
shares will be made by the Corporation in accordance with TSX requirements and
the price which Trinidad will pay for any common shares acquired under the Bid
will be the market price for the common shares at the time of acquisition.

    Trinidad is a growth oriented corporation that trades on the TSX under
the symbol TDG. Trinidad's divisions operate in the drilling, well servicing
and barge drilling sectors of the North American oil and gas industry. With
the completion of the current rig construction programs, Trinidad will have
126 drilling rigs ranging in depths from 1,000 - 6,500 metres. In addition to
its drilling rigs, Trinidad will have 26 service rigs, 20 pre-set and coring
rigs and 4 barge rigs currently operating in the Gulf of Mexico. Trinidad is
focused on providing modern, reliable, expertly designed equipment operated by
well-trained and experienced personnel. Trinidad's drilling fleet is one of
the most adaptable, technologically advanced and competitive in the industry.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the shares in any jurisdiction. The shares
offered will not be and have not been registered under the United States
Securities Act of 1933 and may not be offered or sold in the United States or
to a United States person, absent registration, or an applicable exemption

For further information:

For further information: or to obtain a copy of the notice filed with
the TSX in connection with the Bid, please contact: Lyle Whitmarsh, President
& Chief Executive Officer, (403) 265-6525; Brent Conway, Chief Financial
Officer, (403) 265-6525; Lisa Ciulka, Director of Investor Relations, (403)
294-4401, email:

Organization Profile

Trinidad Drilling Ltd.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890