CALGARY, ALBERTA–(Marketwired – Dec. 23, 2015) – Trilogy Energy Corp. (“Trilogy”) (TSX:TET) announces today that it has made the necessary filings, and received the necessary approvals, to make a normal course issuer bid through the facilities of the Toronto Stock Exchange (“TSX”) and/or alternative Canadian trading platforms. Trilogy may purchase up to 5,262,693 of its common shares (“Common Shares”), representing approximately 5% of the 105,253,850 issued and outstanding Common Shares as at December 17, 2015, for cancellation under the bid. Pursuant to sections 628 and 629 of the TSX Company Manual, Trilogy is permitted under the bid to acquire up to 101,823 Common Shares per day, being 25 percent of the average daily trading volume of 407,294. Purchases under the bid may be made during the period beginning on December 29, 2015 and ending on December 28, 2016, or on such earlier date as Trilogy may complete its purchases under the bid. The price Trilogy will pay for any Common Shares purchased under the bid will be the market price at the time of purchase.
Under its previous normal course issuer bid, during the period December 16, 2014 to December 15, 2015, Trilogy purchased 100,000 Common Shares at an average price of $4.43 per Common Share.
Trilogy believes that, from time to time, the repurchase of its Common Shares for cancellation could represent an appropriate use of its funds to enhance the underlying value of its remaining Common Shares.
Trilogy is a petroleum and natural gas-focused Canadian energy corporation that actively develops, produces and sells natural gas, crude oil and natural gas liquids. Trilogy’s geographically concentrated assets are primarily high working interest properties that provide abundant low-risk infill drilling opportunities and good access to infrastructure and processing facilities, many of which are operated and controlled by Trilogy. Trilogy’s common shares are listed on the Toronto Stock Exchange under the symbol “TET”.