Seaway Energy Services Inc.

Seaway Energy Services Inc.

February 14, 2011 15:25 ET

Seaway Energy Services Inc. Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Feb. 14, 2011) - Seaway Energy Services Inc., ("Seaway" or the "Company") (TSX VENTURE:SEW) listed on the TSX Venture Exchange Inc. under the trading symbol "SEW" is pleased to announce that the TSX Venture Exchange has accepted a notice filed by Seaway of its intention to make a normal course issuer bid.

The notice provides that Seaway may, during the 12 month period commencing February 17, 2011 and ending February 17, 2012, purchase on the TSX Venture Exchange up to 3,098,847 Common Shares, being approximately 10% of the "public float" of the common shares of Seaway. The price which Seaway will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by Seaway. There are 30,988,470 common shares of Seaway currently outstanding.

Seaway believes that its common shares have been trading in a price range which may not adequately reflect their value in relation to Seaway's business and its future business prospects. As a result, depending upon future price movements and other factors, Seaway believes that its outstanding common shares may represent an attractive investment and a desirable use of a portion of its available funds.

Seaway is a Calgary-based corporation providing environmental consulting services to the oil and gas industry. These services include managing the construction of oil and gas leases and access roads, cleanup of leases and roads following drilling activity and reclamation of leases following drilling and production. 

Certain statements contained in this document are "forward-looking statements". The projections, estimates and beliefs contained in such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results or events to differ materially from those anticipated in any forward-looking statements. Seaway believes the expectations reflected in those forward-looking statements are reasonable; however Seaway cannot provide any assurance that these expectations will prove to be correct.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Seaway Energy Services Inc.
    Jerry Budziak
    President and CEO
    (403) 235-4486
    (403) 266-1181 (FAX)
    Seaway Energy Services Inc.
    1250, 700-4th Avenue SW
    Calgary, Alberta, Canada
    T2P 3J4