Masters Energy Inc.
TSX : MSY

Masters Energy Inc.

November 02, 2006 19:07 ET

Masters Energy Inc. Files Normal Course Issuer Bid

CALGARY, ALBERTA--(CCNMatthews - Nov. 2, 2006) -

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

Masters Energy Inc. (TSX:MSY) ("Masters" or the "Corporation") announces that the Toronto Stock Exchange (the "TSX") has approved the Corporation's normal course issuer bid. The maximum number of common shares of the Corporation ("Common Shares") which may be acquired by way of the issuer bid is 1,300,000, representing approximately 10% of the outstanding Common Shares in the public float and 8.3% of the outstanding Common Shares. As at October 31, 2006 there were 13,547,622 Common Shares in the public float outstanding and 15,569,979 Common Shares outstanding. Masters intends to commence the bid on November 7, 2006 and terminate the bid on November 6, 2007.

Masters' Board of Directors believes that the purchase of Common Shares pursuant to the normal course issuer bid is in the best interests of Masters and its shareholders as the Common Shares may become available for purchase at prices which make them an appropriate use of Masters' funds. All shares purchased under the issuer bid will be cancelled and returned to treasury. Masters intends to acquire Common Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations.

Any purchases made by Masters under the bid will be made through the facilities of and in accordance with the rules of, the TSX.

Masters Energy Inc. is an Alberta based corporation engaged in the business of acquiring or exploring for and developing oil and natural gas reserves in western Canada. Masters' common shares are listed on the Toronto Stock Exchange under the trading symbol "MSY".

Forward-looking Statements

Certain information regarding the Company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and natural gas exploration, production, marketing and transportation such as loss of market, volatility of commodity prices, currency fluctuations, uncertainties of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources: as a consequence, actual results may differ materially from those anticipated. The Company assumes no obligation to update the forward-looking statements contained herein or to update the reasons why actual results could differ from those contemplated by the forward-looking statements, unless so required by applicable securities law.


Contact Information

  • Masters Energy Inc.
    Geoff Merritt
    President and CEO
    (403) 290-1785
    or
    Masters Energy Inc.
    Randall Boyd
    Chief Financial Officer
    (403) 290-1785
    Website: www.mastersenergy.com