TORTOLA, British Virgin Islands. Orca Exploration Group Inc. (“Orca” or the “Corporation”) has announced its intention to initiate a Normal Course Issuer Bid (the “Bid”) for purchase of its Class “B” Subordinate Voting Shares (“Class “B” Shares”) through the facilities of the TSX Venture Exchange.
Subject to approval of the TSX Venture Exchange, purchases made pursuant to the Bid will not exceed 1,701,345 of the Class “B” Shares of Orca representing up to 5% of the total of 34,026,900 Class “B” Shares. The Bid provisions will be in effect from October 10, 2011 to October 9, 2012 and Orca will not make any purchases under the Bid until after completion of its previously announced rights offering. Orca will spend a maximum of $5,000,000. Purchases pursuant to the Bid will be made by Mackie Research Capital Corporation on behalf of the Corporation.
Orca believes that the purchase of Class “B” Shares under the Bid will contribute to the facilitation of an orderly market and be in the best interests of the Corporation and its shareholders. The Class “B” Shares will be purchased by Orca on the open market exclusively through the facilities of the TSX Venture Exchange pursuant to its rules governing normal course issuer bids.
Orca is an international public company engaged in hydrocarbon exploration, development and supply of natural gas in Tanzania. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.
Forward Looking Statements
This disclosure contains certain forward-looking statements that
involve substantial known and unknown risks and uncertainties, certain
of which are beyond Orca’s control, including the impact of general
economic conditions in the areas in which Orca operates, civil unrest,
industry conditions, changes in laws and regulations including the
adoption of new environmental laws and regulations and changes in how
they are interpreted and enforced, increased competition, the lack of
availability of qualified personnel or management, fluctuations in
commodity prices, foreign exchange or interest rates, stock market
volatility and obtaining required approvals of regulatory authorities.
In addition there are risks and uncertainties associated with oil and
gas operations, therefore Orca’s actual results, performance or
achievement could differ materially from those expressed in, or implied
by, these forward-looking statement and, accordingly, no assurances can
be given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
benefits, including the amounts of proceeds, that Orca will derive
therefrom. The forward-looking statements contained in this press
release are made as of the date hereof and Orca undertakes no obligation
to update publicly 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.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
| W. David Lyons, Chairman and CEO +44-7717-100-200 wdlyons@orcaenergygroup.com | Nigel A. Friend, CFO +44-7798-502316 wdlyons@orcaenergygroup.com |