PetroWorth Resources Inc. reported its intention to make a normal course issuer bid to repurchase some of its common shares through the facilities of the CNQ stock exchange.
The Company intends to repurchase, from time to time, as it considers advisable, up to 1,980,190 of its common shares or 5% of the common shares presently outstanding. Purchases are permitted to commence on February 13, 2008 and will conclude no later than February 12, 2009.
The Board of Directors of Petroworth believes that the underlying value of Petroworth is not reflected in the current market price of its common shares and has concluded that the repurchase of common shares pursuant to the proposed bid presently constitutes an appropriate use of financial resources and would be in the best interest of Petroworth shareholders.
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