Orca Exploration Group Inc. announces Normal Course Issuer Bid
TSX-V: ORC.A, ORC.B
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 1,653,600 of the Class "B" Shares of Orca representing up to 5% of the total of 33,072,000 Class "B" Shares. The Bid provisions will be in effect from January 1, 2015 to December 31, 2015. 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.
Financial reports and other corporate information concerning Orca may be found on the Company’s website at www.orcaexploration.com or on the Company's profile on SEDAR at www.sedar.com. Additional information concerning the Tanzania Ministry of Energy and Minerals, TANESCO and TPDC is available at www.mem.go.tz, www.tanesco.co.tz and www.tpdc-tz.com respectively.
For further information please contact:
|W. David Lyons,
Chairman and CEO
|Robert S. Wynne,
Chief Financial Officer and Director
+1 (403) 399-8046
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.
Forward Looking Statements
This press release contains forward-looking statements. More particularly, this press release contains statements concerning, but not limited to, timing of S-11 development well being tied in and expectations of management regarding production from the well; infrastructure constraints in respect of the SS-11 development well; estimated cost for the S-11 development well; expected drilling results from the S-11 development well; the Company's plans with respect to the SS-12 development well; planned infrastructure expansion in Tanzania; the Company's plans with respect to the S-9 well and future testing of other wells; anticipated increase to plant capacity as a result of the Songo Songo plant expansion; the reserve potential of Songo Songo West; discussions with TPDC and the GNT regarding the PSA and the Company's plans to defend its position, including the use of dispute mechanisms; discussions regarding disputed costs in respect of the PSA; timing of drilling of wells in Italy and the Company's anticipated earnings from such wells; the Company's plans for the Longastrino block; the status of the Elsa appraisal opportunity; terms of decree issued by the Italian Government and anticipated implications on the Elsa appraisal opportunity and expected timing of drilling; terms of loan agreement with Stanbic Bank Tanzania Limited; and the Company's strategic plans. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies. Many factors could cause Orca's actual results to differ materially from those expressed or implied in any forward-looking statements made by Orca.
These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca's control, including, but not limited to, 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; competition for, among other things, capital, drilling equipment and skilled personnel; failure to obtain required equipment for drilling; delays in drilling plans; failure to obtain expected results from drilling of wells; effect of changes to the PSA on the Company; changes in laws; imprecision in reserve estimates; the production and growth potential of the Company's assets; obtaining required approvals of regulatory authorities; risks associated with negotiating with foreign governments; ability to access sufficient capital; and risk that the Company will not be able to fulfill its obligations. 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 that Orca will derive therefrom.
Such forward-looking statements are based on certain assumptions made by Orca in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors Orca believes are appropriate in the circumstances, including, but are not limited to, the ability of Orca to add production at a consistent rate; infrastructure capacity; commodity prices will not deteriorate significantly; the ability of Orca to obtain equipment in a timely manner to carry out exploration, development and exploitation activities; future capital expenditures; availability of skilled labour; timing and amount of capital expenditures; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters.
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.