The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Total Energy Services Inc. Plans to Repurchase Shares

Monday, September 26, 2011

Total Energy Services Inc. Plans to Repurchase Shares12:49 EDT Monday, September 26, 2011CALGARY, ALBERTA--(Marketwire - Sept. 26, 2011) - Total Energy Services Inc. (TSX:TOT) ("Total") announced today that it has filed a Notice with the Toronto Stock Exchange (the "TSX") to undertake a normal course issuer bid that will expire on September 27, 2012. Total has been informed that the TSX has accepted its notice to make the normal course issuer bid. All purchases of common shares (the "Shares") will be effected through the facilities of the TSX and all Shares purchased will be cancelled by Total.As of September 26, 2011, there were 31,350,000 Shares issued and outstanding. In connection with the normal course issuer bid, Total may purchase up to 1,567,500 Shares, being 5% of the total number of outstanding Shares, during the period from September 28, 2011 to September 27, 2012, subject to a maximum daily purchase limit of 15,686 Shares based on an average daily trading volume for the last six calendar months of 62,745 Shares.From time to time, purchases of Shares may be undertaken at prices that represent an attractive investment opportunity for Total. Total expects that the purchase of Shares will benefit the remaining shareholders of Total by increasing their proportionate equity investment in Total.On September 14, 2010, Total Energy Services Inc. announced its intention to undertake a normal course issuer bid, which remained in effect during the 12-month period ending September 15, 2011 (the "Prior Bid"). Under that normal course issuer bid, Total Energy Services Inc. purchased a total of 246,183 Shares, at an average price of $13.62 per Share. Total is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression equipment. The common shares of Total are listed and trade on the TSX under the symbol TOT.FOR FURTHER INFORMATION PLEASE CONTACT: Daniel K. HalykTotal Energy Services Inc.President & CEO(403) 216-3921ORMark A. KearlTotal Energy Services Inc.V.P. Finance and CFO(403) 216-3920investorrelations@totalenergy.cawww.totalenergy.ca