Hello Dan: Any comments on this current release. I can only assume that they will be supporting the stock at current levels barring a major discovery or a substantial increase in production with increased revenues. I see it as a long term proposition. Also I cannot see the company buying back stock a elevated prices. IMHO. Is it appropriate for the company to buy stock for third parties at lower levels and in turn have an institution buy this block from the company? Comments appreciated. I am not privy to all the privileges that insiders and institutions have, but I do know that they are somewhat fortunate to exercize this type of activity more so than the public. An example would be " A Done Deal" by an underwriter who take down the entire issue and then distributes IMHO........Good Dayyy Ronald
Date: December 15, 2000
FOR IMMEDIATE RELEASE:
Centurion Energy International Inc. (the "Corporation") announces its
intention to continue to acquire common shares under a Normal Course Issuer
Bid (the "Bid") originally commenced on December 15, 1999. The Corporation
intends to acquire for return to treasury up to 3,104,114 (approximately 5%)
of its current 62,082,297 issued outstanding common shares, being the
maximum number of shares it is permitted to acquire pursuant to a normal
course issuer bid under applicable securities legislation. The issuer bid
will commence on December 19, 2000 and will expire on the earlier of
December 18, 2001 and the date upon which the Corporation acquires the
maximum number of common shares.
Under the Bid, the Corporation will acquire, from time to time, its common
shares for cash through the facilities of The Toronto Stock Exchange. The
Corporation has established a trading account with a member firm of The
Toronto Stock Exchange for this purpose. For any particular trade, the
Corporation will not purchase common shares at a price higher than the price
of the immediately preceding trade on the open market by independent
parties.
In the view of the board of directors of the Corporation, purchases of the
Corporation's common shares under the Bid will be advantageous to
shareholders of the Corporation.
No director or senior officer currently intends to sell during the Bid and,
to the best knowledge, information and belief of the directors and officers
of the Corporation, after reasonable inquiry, no: (i) associate of a
director or senior officer of the Corporation, (ii) person holding 10% or
more of any class of equity security of the Corporation or (iii) person
acting jointly or in concert with the Corporation, currently intends to sell
during the Bid.
Management is not aware of any undisclosed material changes in the business
or affairs of the Corporation.
Centurion Energy International Inc. is an independent international oil and
gas company with operations in Tunisia and Egypt.
- 30 -
Certain statements in this press release constitute forward looking
statements. The information in this press release is based on Centurion
Energy's current information, expectations and assumptions, and is subject
to a number of uncertainties and risks which could cause the actual results
to differ materially from those anticipated. Such risks include, among
others, the risk that production flow rate could be materially less then the
flow rate tested and the uncertainty as to the timing of the commencement of
production and continuing production levels.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
For More Information:
Said S. Arrata, President and CEO
OR
Barry W. Swan, Senior Vice President, Finance and CFO
Tel: (403) 263-6002 / Fax: (403) 263-5998
E-mail: contact@centurionenergy.com
Web: centurionenergy.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Centurion Energy International Inc. is an emerging exploration company
engaged in oil and gas exploration, development, and production. Centurion
owns 1.7 million net acres of development and exploration land in Tunisia
and Egypt. The company trades on the Toronto Stock Exchange under the
symbol CUX. Visit our website at: centurionenergy.com
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