Tesla Exploration Ltd.

Tesla Exploration Ltd.

April 24, 2014 09:20 ET

Tesla Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwired - April 24, 2014) - Tesla Exploration Ltd. ("Tesla" or the "Company") (TSX:TXL) announced today that the Toronto Stock Exchange ("TSX") has accepted Tesla's notice of intention to commence a normal course issuer bid (the "NCIB").

As at the date hereof, there are 22,770,672 common shares of Tesla ("Common Shares") outstanding. Under the terms of the NCIB, Tesla may purchase, from time to time, as Tesla considers advisable, up to a maximum of 1,138,533 Common Shares, being 5% of the currently issued and outstanding Common Shares, during the course of the NCIB. Tesla's average daily trading volume for the period of October 1, 2013 to March 31, 2014 (inclusive) was 1,124. In accordance with TSX rules, a maximum daily repurchase of 1,000 Common Shares may be made. During the past 12 months, 82,954 Common Shares were repurchased by Tesla at a weighted average price of $2.6479 per Common Share.

Tesla is making the NCIB because it believes that the market price of its Common Shares does not reflect their underlying value and that the NCIB may provide value by reducing the number of Common Shares outstanding at attractive prices.

Purchases of Common Shares will be made on the open market through the facilities of the TSX. The price which Tesla will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSX at the time of such purchase. All Common Shares purchased under the NCIB will be cancelled.

The NCIB will commence on April 28, 2014 and will terminate on April 27, 2015 or such earlier date on which Tesla completes its purchases of Common Shares under the NCIB or terminates the NCIB at its option.

About Tesla

Tesla provides geophysical and related services in Canada through Tesla Exploration Partnership, internationally through its wholly owned subsidiaries Tesla Exploration International Ltd., Tesla Exploration Trinidad Ltd. and Tesla Exploration Colombia S.A.S., and in the United States through Tesla Exploration Inc. and Tesla Offshore LLC.

Since the Corporation's inception in 2000, Tesla has grown both organically and through acquisitions funded by retained earnings and prudent levels of borrowing, from a Canadian focused land seismic business to a global provider of a broad suite of geophysical and related services. Tesla trades on the TSX under the symbol "TXL".

Contact Information

  • Tesla Exploration Ltd.
    Mr. Richard Habiak
    President and CEO
    (403) 216-0990

    Tesla Exploration Ltd.
    Mr. Stuart Craven
    Vice President and CFO
    (403) 692-4602