Orca Exploration Group Inc.
TORTOLA, British Virgin Islands -- Orca Exploration Group Inc. ("Orca") today announced its intention to initiate a Normal Course Issuer Bid for purchase of its Class "B" Subordinate Voting 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 1,393,156 Class "B" shares of Orca representing up to 5% of the total of 27,863,128 Class "B" Common Shares. The Normal Course Issuer Bid provisions will be in effect from July 15, 2008 to June 30, 2009. The issuer will spend a maximum of $5,000,000.
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" Common shares will be purchased by Orca on the open market exclusively through the facilities of the TSXV pursuant to its rules governing normal course issuer bids.
Orca is a TSXV listed company, focused on the exploration and production of natural gas and the sale of "Additional Gas" to markets in East Africa. The Company trades on the TSXV under the trading symbols ORC.B and ORC.A.
Forward Looking Statements
This disclosure contains certain forward-looking estimates 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 estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that Orca will derive therefrom.
For further information please contact:
Peter Clutterbuck, President and CEO
+255 (0)7768 120727
Nigel A Friend, CFO
+255 (0)22 2138737