CALGARY, ALBERTA--(Marketwire - Sept. 26, 2012) - Total Energy Services Inc. (TSX:TOT) ("Total") announced today that it has filed a Notice with the Toronto Stock Exchange (the "TSX") to undertake a normal course issuer bid that will expire on September 27, 2013. Total has been informed that the TSX has accepted its notice to make the normal course issuer bid. All purchases of common shares (the "Shares") will be effected through the facilities of the TSX and other alternative markets and all Shares purchased will be cancelled by Total.
As of September 26, 2012, there were 30,817,900 Shares issued and outstanding. In connection with the normal course issuer bid, Total may purchase up to 1,540,895 Shares, being 5% of the total number of outstanding Shares, during the period from September 28, 2012 to September 27, 2013, subject to a maximum daily purchase limit of 12,274 Shares based on an average daily trading volume for the last six calendar months of 49,098 Shares.
From time to time, purchases of Shares may be undertaken at prices that represent an attractive investment opportunity for Total. Total expects that the purchase of Shares will benefit the remaining shareholders of Total by increasing their proportionate equity investment in Total.
On September 26, 2011, Total announced its intention to undertake a normal course issuer bid, which remained in effect during the 12-month period ending September 27, 2012. Under that normal course issuer bid, to date, Total purchased a total of 1,112,200 Shares, at an average price of $15.14 per Share, including 117,600 Shares purchased under the current normal course issuer bid but not yet cancelled.
Total Energy Services Inc. is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression and process equipment. The common shares of Total are listed and trade on the TSX under the symbol TOT.