CORP ANOUNCEMENT / Search Energy Corp. Normal Course Issuer Bid
CALGARY, Feb. 1 /CNW/ - Search Energy Corp. (TSE - ''SGY'') has announced
today that The Toronto Stock Exchange has accepted a notice filed by the
Corporation of its intention to make a normal course issuer bid.
The notice provides that the Corporation may, during the 12-month period
commencing February 3, 1999 and ending February 2, 2000, purchase on The
Toronto Stock Exchange up to 2.5 million common shares in total, being
approximately 10 percent of the ''public float''. No more than 2 percent of
the outstanding common shares can be purchased in any 30-day period. The
price which the Corporation will pay for any such shares will be the market
price at the time of acquisition. All shares purchased will be immediately
cancelled. The actual number of common shares which may be purchased and the
timing of any such purchases will be determined by the Corporation. As of
January 11, 1998, there are approximately 46.8 million common shares of the
Corporation outstanding with the public float amounting to approximately 25.4
million common shares. In the past 11 months, the Corporation has purchased a
total of 1,116,000 shares pursuant to a previous normal course issuer bid at
an average price of $0.77 per share.
The Corporation believes that its common shares have been trading in a
price range which does not adequately reflect their value in relation to the
Corporation's business and its future business prospects. As a result,
depending upon future price movements and other factors, the Corporation
believes that its outstanding common shares may represent an attractive
investment and a desirable use of a portion of its available funds.
Search is a growth oriented Canadian junior oil and gas company engaged
in exploration, acquisition and production of crude oil and natural gas
reserves in Alberta, British Columbia, Manitoba and Saskatchewan.
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