Wenzel Downhole Tools Ltd.

Wenzel Downhole Tools Ltd.

November 14, 2007 16:13 ET

Wenzel Downhole Tools Ltd.: TSX Accepts Notice for Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2007) - Wenzel Downhole Tools Ltd. ("Wenzel" or the "Company") (TSX:WZL) announced today that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by Wenzel of its intention to make a normal course issuer bid through the facilities of the TSX.

The notice provides that Wenzel may, during the twelve month period commencing November 15, 2007 and ending November 14, 2008 purchase up to 1,900,000 common shares ("Common Shares") in total, being approximately 10% of the public float of the issued and outstanding Common Shares, and up to 7,552 Common Shares per day. There are currently 30,596,024 Common Shares outstanding. Common Shares purchased under the normal course issuer bid will be cancelled. The price that Wenzel will pay for any such Common Shares will be the market price at the time of acquisition. Management of Wenzel will determine the actual number of Common Shares that may be purchased and the timing of any such purchases, subject to compliance with TSX guidelines. Purchases are effective though the facilities of the TSX.

Between October 10, 2006 and October 9, 2007, the Corporation purchased 281,900 Common Shares at a weighted average price of $1.42 per share pursuant to the Corporation's Notice of Intention to Make a Normal Course Issuer Bid, accepted by the Exchange in October 2006. The purchases were made through the Exchange on behalf of the Corporation by TD Securities Inc.

Wenzel believe that its Common Shares have been trading in price ranges that do not adequately reflect their value in relation to the business of Wenzel and its future business prospects. As a result, depending upon future price movements and other factors, Wenzel believes that its outstanding Common Shares may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their proportionate interest in Wenzel.

About Wenzel Downhole Tools Ltd.

Wenzel Downhole Tools Ltd. is a manufacturer, seller and renter of drilling tools used in oil and gas exploration. In Canada the Company has its manufacturing and servicing facilities located in Edmonton, Alberta and its corporate offices in Calgary, Alberta. Its U.S. headquarters and service facilities are in Conroe, Texas, with a service and sales office in Casper, Wyoming and a sales office in Oklahoma City, Oklahoma.

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.
    William Spence
    (403) 205-6696
    (403) 265-8154 (FAX)
    Website: www.downhole.com