Pilot Energy Ltd.

Pilot Energy Ltd.

April 05, 2007 17:01 ET

Pilot Energy Ltd. Announces Normal Course Issuer Bid for Its Common Shares

CALGARY, ALBERTA--(CCNMatthews - April 5, 2007) - Pilot Energy Ltd. (TSX VENTURE:PGY) ("Pilot") announced today that the TSXV Venture Exchange ("TSXV") has accepted Pilot's Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as Pilot considers advisable, up to a maximum of 986,818 common shares (the "Common Shares"). The maximum number of Common Shares to be purchased pursuant to the Bid represents approximately 5% of the issued and outstanding Common Shares on the date hereof. Purchases of Common Shares will be made on the open market through the facilities of the TSXV. The price which Pilot will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSXV at the time of such purchase. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by Pilot.

The Bid will commence on April 10, 2007 and will terminate on April 3, 2008 or such earlier time as the Bid is completed or terminated at the option of Pilot.

Management of Pilot believes that, from time to time, the market price of the Common Shares may not fully reflect the underlying value of the Common Shares and that at such times the purchase of Common Shares would be in the best interests of Pilot. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders. In addition, the purchases by Pilot may increase liquidity to shareholders wishing to sell their Common Shares.

Pilot has not made any purchases of Common Shares during the previous 12 months.

Pilot Energy Ltd. is a Calgary-based junior oil and natural gas production company trading on the TSX Venture Exchange under the symbol "PGY".

Certain statements in this press release are forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by Pilot at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors, many of which are beyond the control of Pilot. There is no representation by Pilot that actual results achieved during the forecast period will be the same, in whole or in part, as forecast.

Pilot's disclosure documents can be viewed under the Company's SEDAR profile at www.sedar.com or copies can be obtained by e-mailing the Company at info@pilot-energy.com.

Issued and Outstanding Common Shares: 19,736,362

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

Contact Information

  • Pilot Energy Ltd.
    Todd Lemieux
    (403) 514-8115 ext. 226
    Pilot Energy Ltd.
    Douglas Smith
    Chief Financial Officer
    (403) 514-8115 ext. 232