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Trinidad Drilling Ltd. announces the implementation of a normal course issuer bid
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./TSX SYMBOL: TDG CALGARY, Sept. 2 /CNW/ - Trinidad Drilling Ltd. ("Trinidad" or the "Corporation") (TSX-TDG) announced today that it has received approval from the Toronto Stock Exchange (the "TSX") to acquire for cancellation, by way of normal course issuer bid (the "Bid"), up to 9,373,221 common shares of the Corporation, which represent approximately 10 percent of the Corporation's public float. The Corporation had 96,290,881 common shares issued and outstanding on August 29, 2008, of which, to the knowledge of the Corporation, directors, senior officers and principal shareholders (as such term is defined in Rule 6-101 of the TSX) of the Corporation held 2,558,675 (approximately three percent) of the issued and outstanding common shares. The Bid will commence on September 4, 2008 and terminate on the earlier of September 3, 2009 or the date upon which the Corporation acquires the maximum number of common shares to be purchased pursuant to the Bid. Pursuant to TSX policies, daily purchases made by Trinidad may not exceed 130,402 common shares, representing 25 percent of the six month average daily trading volume of 521,609 common shares on the TSX, subject to certain exceptions prescribed by the TSX including the "block purchase exemption". The board of directors of Trinidad believes the underlying value of the Corporation's common shares may not be reflected in the current or future market price of the common shares and has therefore decided to undertake the Bid. Purchases pursuant to the Bid will be effected through the facilities of the TSX or other Canadian marketplaces, purchases and payment for the common shares will be made by the Corporation in accordance with TSX requirements and the price which Trinidad will pay for any common shares acquired under the Bid will be the market price for the common shares at the time of acquisition. Trinidad is a growth oriented corporation that trades on the TSX under the symbol TDG. Trinidad's divisions operate in the drilling, well servicing and barge drilling sectors of the North American oil and gas industry. With the completion of the current rig construction programs, Trinidad will have 126 drilling rigs ranging in depths from 1,000 - 6,500 metres. In addition to its drilling rigs, Trinidad will have 26 service rigs, 20 pre-set and coring rigs and 4 barge rigs currently operating in the Gulf of 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:
For further information: or to obtain a copy of the notice filed with the TSX in connection with the Bid, please contact: Lyle Whitmarsh, President & Chief Executive Officer, (403) 265-6525; Brent Conway, Chief Financial Officer, (403) 265-6525; Lisa Ciulka, Director of Investor Relations, (403) 294-4401, email: lciulka@trinidaddrilling.com