/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
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
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