PRESS RELEASE #2: Plans to repurchase common shares:
Press Release
Grey Wolf Plans to Repurchase Common Shares
May 20, 1999 -- Grey Wolf Exploration Inc. ("Grey Wolf") has filed notice with The Toronto Stock Exchange (the "TSE") and The Alberta Stock Exchange (the "ASE") of its present intention to purchase certain of its issued and outstanding common shares pursuant to a normal course issuer bid undertaken in accordance with the rules and by-laws of the TSE and the ASE, subject to regulatory approval.
Currently, there are 127,043,413 common shares (on a pre-consolidation basis) or 12,704,341 common shares (on a post-consolidation basis) of Grey Wolf issued and outstanding. In connection with the normal course issuer bid being undertaken in relation to the common shares, Grey Wolf may purchase up to 6,352,170 common shares (on a pre-consolidation basis) or 635,217 common shares (on a post-consolidation basis) or 5% of the total number of common shares currently issued and outstanding during the period from May 25, 1999 to May 24, 2000. Grey Wolf has not purchased any common shares during the past 12 months.
In the opinion of the board of directors of Grey Wolf, the market price of the common shares does not accurately reflect the value of those shares. As a result, from time to time, the common shares may become available for purchase at prices which make them an attractive investment and an appropriate use of the Corporation's funds. It is anticipated that any purchase of common shares will benefit the remaining shareholders of Grey Wolf by increasing their equity interest in the Corporation's assets. All common shares purchased by the Corporation pursuant to the normal course issuer bid will be cancelled.
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For More Information Contact:
Grey Wolf Exploration Inc.
1200, 300 - 5th Avenue S.W.
Tel: (403) 262-1949
FAX: (403) 262-1969
Internet: info@greywolf.ca
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