CALGARY, July 3, 2012 /CNW/ - Bonnett's Energy Corp. (TSX:BT) ("the Corporation") announced today that it has entered into an automatic share purchase plan with a broker in order to facilitate repurchases of its common shares under its previously announced normal course issuer bid.
On April 16, 2012, the Corporation announced that it had received approval from the Toronto Stock Exchange ("TSX") to make a normal course issuer bid to purchase up to 589,491 of its common shares, representing 10% of the public float. The normal course issuer bid will terminate on or about April 17, 2013, or such earlier date as the Corporation may complete repurchases under the bid.
Under the Corporation's automatic share purchase plan, the Corporation's broker may repurchase shares under the normal course issuer bid during the Corporation's self-imposed blackout period.
Purchases will be made by the Corporation's broker based upon the parameters prescribed by the TSX and applicable Canadian securities laws and the terms of the parties' written agreement. The automatic share purchase plan has been approved by the TSX and will be implemented effective immediately.
Bonnett's Energy Corp. is a provider of wireline, frac flow-back and testing, fishing, and swabbing services in the Western Canadian Sedimentary Basin.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release contains forward-looking information within the meaning of applicable Canadian securities law. This information is subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking information. When used in this document, the words "plan", "anticipate", "believe", "expect", "seek", "propose", "estimate", "intend" and similar expressions, as well as future or conditional verbs such as "may", "would", "could", and "will", as they relate to the Corporation, are intended to identify forward-looking information. Such information reflects the Corporation's current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, without limitation, those described in the Corporation's MD&A for the year ended December 31, 2011, under the heading "Risks and Uncertainties", and "Outlook". Forward-looking information concerning proposed purchases of commons shares are based upon the current expectations of the Corporation in the current business environment. Although management of the Corporation believes that the expectations reflected in such forward-looking information are reasonable, there can be no assurance that such expectations will prove to have been correct because, should one or more of the enumerated risks or uncertainties materialize, or should the assumptions underlying forward-looking information prove incorrect, actual results may vary materially from those intended, planned, anticipated, believed, estimated or expected. Except where required by law, the Corporation does not assume any obligation to update forward-looking information if conditions or opinions should change. Readers should not place undue reliance on forward-looking information. All of the forward-looking information of the Corporation contained in this press release is expressly qualified, in their entirety, by this cautionary statement.
Additional information can be obtained by contacting Bonnett's Energy Corp., R.R. 2, Site 33, Box 1, Grande Prairie, Alberta, T8V 2Z9. Information is also available on the Corporation's website at www.bonnettsenergy.com or by contacting Murray Toews, Chief Executive Officer at (780) 513-3400 or David Ross, Chief Financial Officer at (403) 264-3010, Fax: (403) 693-0093, E-mail: firstname.lastname@example.org