TriOil Announces Normal Course Issuer Bid


CALGARY, Sept. 7, 2011 /CNW/ - TriOil Resources Ltd. ("TriOil" or the "Company") (TSX:TOL) announces today that, subject to the TSX Venture Exchange ("TSXV") approval, TriOil intends to commence a Normal Course Issuer Bid (the "Bid") to purchase, from time to time, as it considers advisable, up to 3,045,989 common shares (which is equal to 10% of the "public float") on the open market through the facilities of the TSXV.  National Bank Financial Inc., has been engaged to conduct the Bid on behalf of TriOil.  The price that TriOil will pay for any common share under the Bid will be the prevailing market price on the TSXV at the time of such purchase.  Common shares acquired under the Bid will be subsequently cancelled.

The Bid will commence upon the later of the receipt of approval from the TSXV or September 15, 2011 and will terminate one year from such date or such earlier time as the Bid is completed or terminated at the option of TriOil. A copy of the Form 5G - Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV can be obtained from the Company upon request without charge.

The Company has commenced the normal course issuer bid because it believes that, from time to time, the market price of its common shares do not properly reflect the underlying, intrinsic value of TriOil, and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.

TriOil Resources Ltd. is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas.  TriOil has approximately 31.3 million common shares issued and outstanding (35.5 million fully diluted).  The common shares of TriOil trade on the TSX Venture Exchange under the symbol TOL.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

SOURCE TriOil Resources Ltd.

For further information:

Russell J. Tripp
President & CEO
TriOil Resources Ltd.
Phone:  (403) 265-4115

Organization Profile

TriOil Resources 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