CALGARY,
AB, May 30, 2023 /CNW/ - Stampede
Drilling Inc. ("Stampede" or the "Company") (TSXV: SDI) announced
today that it has received TSX Venture Exchange (the "TSXV")
approval to commence a normal course issuer bid ("NCIB") to
purchase its common shares ("Common Shares") through the facilities
of the TSXV and/or alternative trading platforms, commencing on
June 1, 2023 and expiring on the
earlier of May 31, 2024 and the date
on which Stampede has acquired the maximum number of Common Shares
allowable under the NCIB.
Stampede intends to purchase, for cancellation, up to 21,872,232
Common Shares, representing 10% of the Company's Public Float (as
such term is defined in TSXV Policy 1.1 –
Interpretation).
Stampede believes that, from time to time, the market price
of its Common Shares trade at prices that may not adequately
reflect their underlying value and the repurchase of Common Shares
for cancellation may represent an attractive use of the Company's
financial resources. The actual number of Common Shares that
may be purchased, if any, the timing of any such purchases, and the
price at which the Common Shares are acquired will be determined
based on a number of factors taken into consideration by the
Company.
Stampede has engaged Peters & Co. Limited to act as its
broker for the NCIB. The NCIB will be made through the facilities
of the TSXV and the purchase and payment for the Common Shares will
be made in accordance with TSXV requirements and applicable
securities laws. The Company has not purchased any Common Shares in
the past 12 months through a normal course issuer bid.
In conjunction with the establishment of the NCIB, the Company
has further amended its amended and restated facility letter dated
April 19, 2022, with HSBC Bank
Canada, in order to permit the purchase and payment for the Common
Shares pursuant to the NCIB on terms which align with Stampede's
purchase intentions under the NCIB.
Forward-Looking
Statements
Certain statements contained in this News Release constitute
forward-looking statements or forward-looking information
(collectively, "forward-looking information").
Forward-looking information relates to future events or the
Company's future performance. All information other than statements
of historical fact is forward-looking information. The use of any
of the words "anticipate", "plan", "contemplate", "continue",
"estimate", "expect", "intend", "propose", "might", "may", "will",
"could", "should", "believe", "predict", and "forecast" are
intended to identify forward-looking information.
This News Release contains forward-looking information
pertaining to, among other things: the NCIB and the timing,
methods and quantity of any purchases of Common Shares under the
NCIB.
Forward-looking information is based on certain assumptions that
the Company has made in respect thereof as at the date of this News
Release regarding, among other things: that Stampede's businesses
will continue to achieve sustainable financial results and that
future results of operations will be consistent with past
performance and management expectations in relation
thereto; oil and gas industry exploration and development
activity levels; prevailing commodity prices, interest rates,
carbon prices, tax rates and exchange rates; future operating
costs; and the availability of capital.
While Stampede believes the expectations and material factors
and assumptions reflected in the forward-looking information is
reasonable as of the date hereof, there can be no assurance that
these expectations, factors and assumptions will prove to be
correct. Forward-looking information is not a guarantee of future
performance and actual results or events could differ materially
from the expectations of the Company expressed in or implied by
such forward-looking information. Accordingly, readers should not
place undue reliance on forward-looking information. All
forward-looking information is subject to a number of known and
unknown risks and uncertainties including, but not limited to: the
condition of the global economy, including trade, inflation, the
ongoing conflict in Ukraine and
other geopolitical risks; the condition of the crude oil and
natural gas industry and related commodity prices; other commodity
prices and the potential impact on the Company and the industry in
which the Company operates, including levels of exploration and
development activities; the impact of increasing competition;
fluctuations in operating results; the ongoing significant
volatility in world markets and the resulting impact on drilling
and completions programs; foreign currency exchange rates; interest
rates; labour and material shortages; cyber security risks; natural
catastrophes; and certain other risks and uncertainties detailed in
the Company's management's discussion and analysis and annual
information form each dated March 16,
2023, for the year ended December
31, 2022, the Company's management's discussion and
analysis dated May 11, 2023, and from
time to time in Stampede's public disclosure documents available on
SEDAR at www.sedar.com.
This list of risk factors should not be construed as exhaustive.
Readers are cautioned that events or circumstances could cause
actual results to differ materially from those predicted,
forecasted, or projected. Statements, including forward-looking
information, are made as of the date of this News Release and the
Company does not undertake any obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws. The forward-looking information
contained in this News Release is expressly qualified by this
cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Stampede Drilling Inc.