Texalta Petroleum reported that in accordance with the Regulations of the TSX Venture Exchange, upon expiry of its current NCIB on January 28, 2008, it will commence a new NCIB on January 29, 2008 that will expire on January 28, 2009. Texalta may acquire up to 1,702,518 Class A shares under the Bid, which amount represents 5% of 34,050,365, Texalta's outstanding Class A shares.
In the opinion of Texalta's Board of Directors, Texalta's common shares are, from time to time, undervalued by the market, and the cost of acquiring the shares is an expense prudently incurred by Texalta to increase shareholder value. Successful exploration and development are the best value generators in the oil and gas business, however repurchasing of undervalued shares also advances this objective by reducing the equity base and spreading profits over fewer shares.
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