Trican Well Service Ltd.
TSX : TCW

Trican Well Service Ltd.

February 28, 2012 20:28 ET

Trican Well Service Ltd. Implements Normal Course Issuer Bid and Announces Automatic Share Purchase Plan

CALGARY, ALBERTA--(Marketwire - Feb. 28, 2012) - Trican Well Service Ltd. ("Trican") (TSX:TCW) is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted its application to implement a normal course issuer bid (the "Bid") to purchase, from March 2, 2012 to March 1, 2013, certain of its outstanding common shares (the "Common Shares"). All purchases will be made through the facilities of the TSX.

The Bid has been put in place because the Company believes that the Common Shares are a good investment for the Company in the context of equity market conditions, and to offset the dilutive effects of the exercise from time to time of stock options granted by Trican under its stock option plan. All Common Shares purchased through the Bid will be returned to treasury for cancellation.

As at February 22, 2012, there were 146,926,859 Common Shares issued and outstanding. The number of Common Shares which may be purchased during the period of the Bid will not exceed 12,706,392 Common Shares, which is approximately 10% of the public float for the Common Shares. Except as permitted under the TSX rules, the Company will not purchase on any given trading day under the Bid more than 220,607 Common Shares, being approximately 25% of the average daily trading volume of the Common Shares on the TSX for the previous six calendar months of 882,429 Common Shares per day.

Trican has entered into an automatic share purchase plan agreement with a broker (the "ASPP Agreement") for the purpose of making purchases of certain Common Shares under the Bid through the end of Trican's regularly scheduled blackout period for the first quarter of 2012. Such purchases will be determined by the broker in its sole discretion, without consultation with the Company, having regard to the price limitations and other terms of the ASPP and the rules of the TSX, and all other purchases under the Bid will be at the discretion of Trican, subject to the rules of the TSX.

Headquartered in Calgary, Alberta, Trican has operations in Canada, the United States, Russia, Kazakhstan, Australia and North Africa. Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.

Contact Information

  • Trican Well Service Ltd.
    Dale Dusterhoft
    Chief Executive Officer
    (403) 266-0202
    (403) 237-7716 (FAX)
    ddusterhoft@trican.ca

    Trican Well Service Ltd.
    Michael Baldwin
    Vice President, Finance and Chief Financial Officer
    (403) 266-0202
    (403) 237-7716 (FAX)
    mbaldwin@trican.ca

    Trican Well Service Ltd.
    2900, 645 - 7th Avenue S.W.
    Calgary, Alberta T2P 4G8
    www.trican.ca