CORP / BXL Energy - Normal Course Issuer Bid
ASE SYMBOL: BXL
JULY 13, 1998
CALGARY, ALBERTA--BXL Energy Ltd. announces that a notice to make
a Normal Course Issuer Bid (the "Bid") has been accepted by The
Alberta Stock Exchange. Pursuant to the Bid, BXL may purchase,
from time to time as it considers advisable, up to 994,770 common
shares of BXL through the facilities of The Alberta Stock
Exchange. The price which BXL will pay for any shares purchased
will be the prevailing market price at the time of the purchase.
Purchases may commence on July 15, 1998 and will terminate on the
earlier of the date on which BXL has acquired all of the common
shares sought pursuant to the Bid or July 15, 1999. The Bid may
be terminated earlier.
In the view of BXL's board of directors, BXL's common shares are
undervalued on the market and purchases at current market prices
would be advantageous to remaining shareholders of the
Corporation.
An independent engineering firm has valued BXL's oil and gas
reserves at $12.8 million, effective January 1, 1998 and has
assigned proved and 50 percent probable reserves of 1.77 million
barrels of oil equivalent. This evaluation does not include the
results of BXL's 1998 drilling program, as described in the
company's interim report for the three months ended March 31,
1998.
BXL is engaged in the acquisition, exploration, development and
production of oil and gas reserves in Alberta.
BXL is listed on The Alberta Stock Exchange and has approximately
19.9 million shares outstanding.
Or visit BXL's website at www.bxlenergy.com |
