Under the renewed NCIB, PHX Energy may purchase for cancellation, from time to time, as PHX Energy considers advisable, up to a maximum of 3,131,388 Common Shares, which represents 10% of the Corporation's public float of 31,313,887 Common Shares as at
The NCIB will commence on
PHX Energy believes that within a continued volatile market environment, at times, the prevailing market price does not reflect the underlying value of its Common Shares and the repurchase of its Common Shares for cancellation represents an attractive opportunity to enhance PHX Energy's per share metrics and thereby increase the underlying value to its shareholders. PHX Energy intends to use the NCIB as another tool to enhance total long-term shareholder returns in conjunction with management’s disciplined capital allocation strategy.
About
PHX Energy, through its directional drilling subsidiary entities, provides horizontal and directional drilling technology and services to oil and natural gas producing companies in
The common shares of PHX Energy are traded on the
For further information please contact:
Suite 1400,
Tel: 403-543-4466 Fax: 403-543-4485 www.phxtech.com
Caution Regarding Forward-Looking Statements
This news release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This information includes, but is not limited to PHX Energy's intentions with respect to the NCIB and purchases thereunder and the effects of repurchases under the NCIB. Although PHX Energy believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PHX Energy can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions by their very nature they involve inherent risks and uncertainties. Actual results could defer materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in PHX Energy's Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and PHX Energy undertakes no obligation to update publically or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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