Prairie Pacific Energy Corporation

Prairie Pacific Energy Corporation

July 04, 2005 17:52 ET

TSX Venture Exchange accepts Prairie Pacific Energy Corporation's Notice of Intention To Make A Normal Course Issuer Bid

CALGARY, ALBERTA--(CCNMatthews - July 4, 2005) - Prairie Pacific Energy Corporation (TSX:PRP) today announced the TSX Venture Exchange has conditionally approved the Company's intention to make a Normal Course Issuer Bid for up to 7 percent of the public float of its stock.

"Purchasing shares at the prevailing trading price, relative to the value per share of the discounted worth of Prairie Pacific's oil and gas reserves, together with working capital, represents an attractive and appropriate action," Prairie Pacific's President Malcolm Todd said.

Prairie Pacific was successful in acquiring 279,500 common shares at an average of $0.76 per share during the period July 10, 2004 to July 4, 2005 under the previous Normal Course Issuer Bid.

Prairie Pacific will commence with the Bid to acquire up to 322,700 common shares on July 10, 2005 and will continue until July 9, 2006, or until the maximum number of shares sought are purchased. This amount represents 5 percent of the total 6,454,278 common shares issued and outstanding and 7 percent of the public float of 4,839,721 common shares.

The purchase of any common shares through this Bid will be effected through the facilities of The TSX Venture Exchange. Purchases connected with this Bid will be transacted through Mr. Gregory Winnicki of First Associates Investments Inc., Calgary.

Prairie Pacific expects to purchase shares as available at such prices as Prairie Pacific believes practical and in the best interests of Prairie Pacific.

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

Contact Information

  • Prairie Pacific Energy Corporation
    Malcolm F.W. Todd
    (604) 684-2356