Canadian Sub-Surface Energy Services Corp.
TSX : CSE

Canadian Sub-Surface Energy Services Corp.

December 19, 2006 08:30 ET

Canadian Sub-Surface Energy Services Corp. Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(CCNMatthews - Dec. 19, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Canadian Sub-Surface Energy Services Corp. ("CanSub" or the "Company") (TSX:CSE) announced today that it has filed a notice with The Toronto Stock Exchange stating its intention to conduct a normal course issuer bid. The maximum number of common shares which the Company proposes to acquire under the bid is 1,250,181 representing 10% of the Company's public float of 12,501,814 common shares (with 19,323,742 common shares issued and outstanding). The Company intends to cancel any common shares acquired under the bid. The bid will commence on December 21, 2006 and will terminate on December 20, 2007.

Purchase and payment for the common shares acquired by the Company will be made in accordance with the By-laws and Rules of The Toronto Stock Exchange. The price that the Company will pay for any common shares which it acquires will be the market price at the time of acquisition. The Company will not purchase common shares other than by means of open market transactions while this normal course issuer bid is outstanding.

Purchases under this bid will be financed from the Company's cash on hand or credit facilities. There are no restrictions on the price the Company is prepared to pay to acquire its common shares under this bid.

The board of directors of the Company believe that the Company's common shares have been trading in a price range which does not adequately reflect their value in relation to the Company's business and its future business prospects. As a result, depending upon future price movements and other factors, the board of directors of the Company believes that the repurchases of the common shares are in the best interest of the Company.

CanSub is a Calgary-based oilfield services company operating out of 12 field locations in the Western Canadian Sedimentary Basin. The Company provides cased-hole wireline, production testing, well optimization and swabbing services to junior, intermediate and senior oil and gas exploration and production companies.

This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect the views of Canadian Sub-Surface Energy Services Corp. with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made including those factors detailed from time to time in filings made by the Company with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Canadian Sub-Surface Energy Services Corp. does not intend and does not assume any obligation to update these forward-looking statements.

Contact Information

  • Canadian Sub-Surface Energy Services Corp.
    Brad Gabel
    President & CEO
    (403) 262-3247
    Email: bgabel@cansub.com
    or
    Canadian Sub-Surface Energy Services Corp.
    Chris Martin
    Vice President, Finance & CFO
    (403) 262-3247
    Email: cmartin@cansub.com