TSX-V: ORC.A, ORC.B
TORTOLA, British Virgin
Islands, Oct. 4, 2012 /CNW/ -
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 the approval of the TSX Venture
Exchange, purchases made pursuant to the Bid will not exceed
1,724,685 of the Class "B" Shares of Orca representing up to 5% of
the total of 34,493,706 Class "B" Shares. The Bid provisions will
be in effect from October 10, 2012 to
October 9, 2013 or such earlier time
as the Bid is completed or terminated at the option of the
Corporation. Orca will spend a maximum of $5,000,000 pursuant to the Bid.
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.
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, the terms of the Bid;
the anticipated number of Class "B" Shares to be purchased pursuant
to the Bid; the maximum amount to be spent by Orca pursuant to the
Bid; and the expected benefits of the Bid. 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. 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, obtaining
required approvals of regulatory authorities; ability to access
sufficient capital; risk that the Orca will not be able to fulfill
its obligations; the impact of general economic conditions in the
areas in which Orca operates; industry conditions, such as
fluctuations in commodity prices and foreign exchange or interest
rates; stock market volatility; changes in laws and regulations
including changes in how they are interpreted and enforced;
increased competition; risks related to Orca's business and
operations, such as civil unrest, the lack of availability of
qualified personnel or management, competition for, among other
things, capital, drilling equipment and skilled personnel, failure
to obtain required equipment for drilling; delays in drilling plans
and failure to obtain expected results from drilling of wells; the
production and growth potential of the Orca's assets; and risks
associated with negotiating with foreign governments.
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, timing and amount of capital expenditures; that the Orca 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; commodity
prices will not deteriorate significantly; conditions in general
economic and financial markets; effects of regulation by
governmental agencies; assumptions related to Orca's business such
as, the ability of Orca to add production at a consistent rate,
infrastructure capacity, the ability of Orca to obtain equipment in
a timely manner to carry out exploration, development and
exploitation activities, the availability of skilled labour and the
impact of increasing competition; 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.
SOURCE Orca Exploration Group Inc.