Press release from CNW Group
Trinidad Drilling Ltd. Declares First Quarter Dividend
Monday, March 19, 2012
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TSX SYMBOL: TDG
CALGARY, March 19, 2012 /CNW/ - The Board of Directors of Trinidad Drilling Ltd. (Trinidad) has declared a cash dividend for the first quarter of 2012 of $0.05 per common share to be paid April 16, 2012 to shareholders of record on March 30, 2012. The dividend is designated as an "eligible dividend" for Canadian Income Tax purposes.
"We recognize that yield is an important part of our shareholders' total return," said Lyle Whitmarsh, Trinidad's Chief Executive Officer. "This understanding has driven us to maintain a dividend payment for the past ten years, keeping it in place throughout industry cycles and the challenging economic conditions we have experienced during the past few years. Our capital allocation decisions reflect a careful balance between growing our fleet, meeting our debt reduction targets, and alternative ways we can add value for our shareholders such as through share buyback programs and dividend payments. As we get closer to meeting our long-term leverage targets, these factors will play a more important role in how we allocate our free cash flow. "
Trinidad is a growth-oriented corporation that trades on the Toronto Stock Exchange under the symbol TDG. Trinidad's divisions operate in the drilling, coring and barge-drilling sectors of the North American oil and natural gas industry with operations in Canada, the United States and Mexico. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the shares in any jurisdiction. The shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States or to a United States person, absent registration, or an applicable exemption therefrom.
For further information:
Vice President, Investor Relations