Twoco Petroleums Ltd.

Twoco Petroleums Ltd.

October 15, 2007 18:46 ET

Twoco Petroleums Ltd. Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2007) - Twoco Petroleums Ltd. ("Twoco") (TSX VENTURE:TWO) announces that the TSX Venture Exchange (the "TSXV") has accepted its Notice of Intention to Make a Normal Course Issuer Bid (the "2007 Issuer Bid"). Under the terms of the 2007 Issuer Bid, Twoco is authorized to acquire up to an aggregate of 750,000 of its common shares over the next 12-month period representing approximately 5% of its issued and outstanding common shares as at October 11, 2007. All common shares purchased by Twoco under the 2007 Issuer Bid will be returned to treasury and cancelled. Although Twoco has a present intention to acquire common shares, it is not obligated to make any purchases pursuant to the 2007 Issuer Bid.

The 2007 Issuer Bid shall commence on October 16, 2007 and terminate on October 16, 2008, or the earlier of the date all shares which are subject to the 2007 Issuer Bid are purchased. In the opinion of the Board of Directors of Twoco, the market price of the common shares of Twoco does not accurately reflect the value of those shares. As a result, Twoco's common shares may become available for purchase at prices which make them an appropriate use of funds of Twoco. All purchases will be effected at market prices through the facilities of the TSXV by HSBC Securities (Canada) Inc. on behalf of Twoco in accordance with the polices and rules of the TSXV. Shareholders may obtain a copy of the 2007 Issuer Bid, without charge, by contacting Twoco.

Up to today's date, under the terms of Twoco's current normal course issuer bid which has been in effect since October 16, 2006, Twoco has acquired an aggregate of 114,000 of its common shares.

Twoco is an oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves primarily in the Province of Alberta. Twoco's common shares trade on the TSXV under the symbol "TWO".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Twoco Petroleums Ltd.
    Wayne A. Malinowski
    Chief Executive Officer and President
    (403) 231-8653
    (403) 237-6048 (FAX)