Wenzel Downhole Tools Ltd.

Wenzel Downhole Tools Ltd.

February 03, 2006 17:05 ET

Wenzel Downhole Tools Ltd.: Options Issued

CALGARY, ALBERTA--(CCNMatthews - Feb. 3, 2006) - Wenzel Downhole Tools Ltd. ("Wenzel" or the "Company") (TSX:WZL) announced today that as part of its re-organization during the past 22 months while its shares have been cease traded, it has issued options to Directors, Management and key employees to purchase a total of 2,145,000 shares of the Company's common stock. By agreement with the TSX, these options have been priced at $ 2.14 per share, the weighted average trading price of the stock on the TSX during the first 5 days of trading since it recommenced trading on January 26, 2005. This will bring the total number of outstanding options to 2,365,000 or 7.7% of the 30,697,924 issued and outstanding common shares of the Company. The closing price of the common shares on the TSX on February 1, 2006, the fifth day of trading, was $2.15. The closing share price on the TSX on March 19, 2004 when the cease trading order was issued by the Alberta Securities Commission was $0.74.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release

Contact Information

  • Wenzel Downhole Tools Ltd.
    Harvie Andre
    President and CEO
    (403) 205-6696
    Wenzel Downhole Tools Ltd.
    Ron Dooley
    Chief Financial Officer
    (403) 205-6696
    (403) 265-8154 (FAX)
    Website: www.downhole.com