IROC Energy Services Corp. announces normal course issuer bid
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/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY
UNITED STATES NEWS SERVICES/
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IROC Energy Services Corp. ("IROC" or the "Company") (TSX: "ISC") announced today that it will be proceeding with a normal course issuer bid to purchase, through the facilities of the Toronto Stock Exchange (TSX), up to a maximum of 2,216,383 of its common shares, representing 5% of IROC's issued and outstanding common shares, which, as of the date hereof, is 44,327,667, subject to a daily maximum purchase amount of 8,618 common shares (this daily maximum purchase amount is due to an exemptive relief granted by the TSX until March 31, 2009). Purchases by IROC would commence on December 19, 2008 and will end no later than December 18, 2009.
IROC will pay the market price for its common shares on the TSX at the time of acquisition and no purchases will be made other than by means of open market transactions during the period the normal course issuer bid is outstanding. IROC has not purchased any of its own common shares during the past 12 months.
IROC believes that the common shares may from time to time be undervalued and may not reflect the financial strength and net asset value of the Company. All common shares purchased under the issuer bid will be cancelled, increasing the respective proportionate share interests of all remaining shareholders. The funding for any purchases of Common Shares pursuant to the normal course issuer bid will be financed out of working capital.
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a comprehensive and diverse range of products, services and equipment to the oil and gas industry. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in five core areas: Well Servicing & Equipment, Downhole Temperature & Pressure Monitoring Tools, Rental Services, Lease Building, and Safety, Monitoring & Communications Services. For more information on IROC Energy Services Corp. visit our website at www.iroccorp.com.
Cautionary Statements
Certain statements contained in this press release may constitute forward looking statements concerning, among other things, expected revenues, expected expenses, profits, developments and strategies for IROC's operations all of which are subject to certain risks, uncertainties and assumptions. These forward looking statements are identified by their use of terms and phrases such as "anticipate", "continue", "estimate", "expect", "may", "will", "projected", "should", "believe" and other similar terms and phrases. By its nature, such forward looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. These risks include, but are not limited, to the risks associated with the oil and gas industry generally, fluctuating prices in crude oil and natural gas, changes in drilling activity, general global economic, political and business conditions, weather conditions, regulatory changes and availability of products, qualified personnel and manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect actual results may vary materially from those expected. IROC relies on litigation protection for any forward looking statements.
This press release is not for dissemination in United States or to any United States news services. The Common Shares of IROC have not and will not be registered on the United States Securities Act of 1933, as amended (the "United States Securities Act") or any state securities laws and are not offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the United States Securities Act and applicable state securities laws.
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SOURCE: IROC Energy Services Corp.
IROC Energy Services Corp., Mr. Thomas M. Alford, President and CEO, Telephone: (403)
263-1110, email: investorrelations@iroccorp.com
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