CALGARY, ALBERTA--(Marketwire - Sept. 17, 2012) - PetroBakken Energy Ltd. ("PetroBakken" or the "Corporation") (TSX:PBN), is pleased to announce that the Board of Directors of PetroBakken has approved a normal course issuer bid (the "NCIB").
The Toronto Stock Exchange ("TSX") has accepted the Corporation's notice to make the NCIB to purchase outstanding common shares on the open market, in accordance with the rules of the TSX. As approved by the TSX, PetroBakken is authorized to purchase up to 8,672,729 Class A shares, representing approximately 5% percent of the issued and outstanding Class A shares of PetroBakken, being 173,454,582 Class A shares as of August 31, 2012. On any trading day, PetroBakken will not purchase more than 205,451 Class A shares.
PetroBakken is authorized to make purchases during the period from September 19, 2012 to September 18, 2013, or until such earlier time as the NCIB is completed or terminated at the option of PetroBakken. Any Class A shares PetroBakken purchases under the NCIB will be purchased on the open market through the facilities of the TSX and other markets including ALPHA, OMEGA, PURE, Chi-X and Match Now, at the prevailing market price at the time of the transaction. All common shares acquired under the NCIB will be cancelled.
As of September 13, 2012, a total of 3,827,900 Class A shares were purchased under PetroBakken's previously announced NCIB at an average price of $13.75 per share.
PetroBakken Energy Ltd. is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. PetroBakken is applying leading edge technology to a multi-year inventory of Bakken and Cardium light oil development locations, along with a significant inventory of opportunities in the Horn River and Montney gas resource plays in northeast BC. Our strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield.