TransGlobe Energy Corporation Announces Normal Course Issuer Bid
September 04 2009 - 12:20PM
Marketwired
TransGlobe Energy Corporation ("TransGlobe" or the "Company") (TSX:
TGL) (NASDAQ: TGA) (announced today that the Toronto Stock Exchange
("TSX") has accepted its Notice to Make a Normal Course Issuer Bid
(the "Bid") to purchase, from time to time, as it considers
advisable, up to 6,116,905 of its 65,327,839 currently issued and
outstanding common shares (being no greater than 10% of the public
float, which is 61,169,048 common shares) on the open market
through the facilities of the TSX. In accordance with the rules of
the TSX governing normal course issuer bids, the total number of
common shares the Company is permitted to purchase is subject to a
daily purchase limit of 16,757 shares representing 25% of the
average daily trading volume of TransGlobe shares on the TSX
calculated for the six-month period ended August 31, 2009,
provided, however, that the Company may make one block purchase per
calendar week which exceeds the daily re-purchase restriction. The
price that TransGlobe will pay for any common shares under the Bid
will be the prevailing market price on the TSX at the time of such
purchase. Common shares acquired under the Bid will be canceled.
The Bid will commence on September 7, 2009 and will terminate on
September 6, 2010 or such earlier time as the Bid is completed or
terminated at the option of TransGlobe.
TransGlobe believes that from time to time, the market price of
the Company's common shares may not reflect their underlying value
and that, at such times, the purchase of common shares for
cancellation will increase the proportionate interest of, and be
advantageous to, all remaining shareholders.
From August 1, 2008 to July 31, 2009, TransGlobe had a normal
course issuer bid in place under which the Company purchased a
total of 300,000 common shares at an average price of Cdn$3.87.
TransGlobe Energy Corporation is a Calgary-based,
growth-oriented oil and gas exploration and development company
focused on the Middle East/North Africa region with production
operations in the Arab Republic of Egypt and the Republic of Yemen.
TransGlobe's common shares trade on the Toronto Stock Exchange
under the symbol TGL and on the NASDAQ Exchange under the symbol
TGA.
Contacts: TransGlobe Energy Corporation Anne-Marie Buchmuller
Manager, Investor Relations & Assistant Corporate Secretary
(403) 268-9868 Email: investor.relations@trans-globe.com Website:
www.trans-globe.com
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