NORMAL COURSE ISSUER BID / Enertec
ENERTEC RESOURCE SERVICES INC.
CALGARY, June 22 /CNW/ - ENERTEC RESOURCE SERVICES INC. (''ENERTEC'' or
''the Company'') announced today that it has amended its previously announced
normal course issuer bid. Under its amended bid, ENERTEC has increased the
funds available to acquire its outstanding common shares from $500,000 to
$1,500,000. ENERTEC continues to believe that the trading price of its common
shares at the current time is below the value represented by its operations.
The Company's purchase of its outstanding common shares pursuant to the bid,
however, will not exceed 447,195 common shares, the maximum number permissible
under the applicable rules of the Toronto Stock Exchange.
ENERTEC's normal course issuer bid terminates on February 25, 1999 or
such earlier time as the bid is completed or terminated at the option of the
Company.
ENERTEC Resource Services Inc. is a Calgary based company which operates
throughout North America, providing land seismic data acquisition, land and
marine seismic data processing services and marine geophysical and navigation
services.
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For further information: Murray A. Olson, President and Chief Executive
Officer, Peter H. Ryder, VP Finance and Chief Financial Officer, or G. Paul
McKay, Corporate Planning Manager, ENERTEC Resource Services Inc., (403)
261-8989, Fax: (403) 264-7106
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