Sharon Energy Ltd.

Sharon Energy Ltd.

October 18, 2007 09:00 ET

Sharon Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Oct. 18, 2007) - Sharon Energy Ltd. (TSX VENTURE:SHY) ("Sharon") announced today that it has received approval from the TSX Venture Exchange (the "Exchange") to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 3,770,000 of the issued and outstanding Common Shares (being approximately 5% of the 75,418,565 Common Shares outstanding at October 17, 2007). Purchases will be made on the open market through the facilities of the Exchange. CIBC Wood Gundy will conduct the Bid on behalf of Sharon. The price which Sharon will pay for any shares, purchased by it, will be the prevailing market price of such shares on the Exchange, at the time of such purchase.

The Bid will commence on October 19, 2007 and will terminate on the earlier of October 18, 2008, and the date on which Sharon acquired all of the shares sought pursuant to the bid. Any shares acquired by Sharon pursuant to the bid will be cancelled.

The Board of Directors of Sharon believe that the current and recent market prices of Sharon's shares do not give full effect to their underlying value and that, accordingly, the purchase of shares will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. The normal course purchases will also afford an increased degree of liquidity to Sharon shareholders who would like to dispose of their shares.

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

Contact Information

  • Sharon Energy Ltd.
    H.C. (Kip) Ferguson, III
    (713) 789-5395
    (713) 789-8454 (FAX)
    Sharon Energy Ltd.
    Robert W. Lamond
    (403) 269-9889
    (403) 269-9890 (FAX)