CALGARY, Alberta, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Total Energy Services Inc. (TSX:TOT) ("Total Energy" or the "Company") announced today that it has filed a Notice with the Toronto Stock Exchange (the "TSX") to undertake a normal course issuer bid that will begin on October 21, 2024 and expire on October 20, 2025. Total Energy has been informed that the TSX has accepted its notice to make the normal course issuer bid. All purchases of common shares (the "Shares") will be effected through the facilities of the TSX and one or more of the Canadian alternative trading systems and all Shares purchased will be cancelled by the Company.
As of today, there are 38,194,658 Shares issued and outstanding. In connection with the normal course issuer bid commencing on October 21, 2024, Total Energy may purchase up to 1,909,732 Shares, being 5% of the total number of outstanding Shares on October 16, 2024, during the period from October 21, 2024 to October 20, 2025, subject to a maximum daily purchase limit of 7,620 Shares based on an average daily trading volume for the last six calendar months of 30,482 Shares.
On October 17, 2023, Total Energy announced its intention to undertake a normal course issuer bid, which remained in effect during the 12-month period ending on October 18, 2024. Under that normal course issuer bid Total Energy purchased a total of 1,998,750 Shares at an average price of $9.58 per Share, which was the maximum number of Shares permitted to be purchased by Total Energy under such normal course issuer bid.
Capital stewardship remains a core value at Total Energy. Since its inception, Total Energy has returned approximately $323 million to its owners through dividends, distributions and share buybacks, including $6.24 per share in dividends and distributions. In the context of current market conditions, Total Energy believes that the repurchase of Shares is an attractive investment opportunity that will benefit the remaining shareholders of Total Energy by increasing their proportionate equity investment in the Company.
Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, equipment rentals and transportation services, well servicing and compression and process equipment and service to the energy and other resource industries from operation centers in North America and Australia. The common shares of Total Energy are listed and trade on the TSX under the symbol "TOT".
For further information, please contact Daniel K. Halyk, President and CEO at (403) 216-3921 or by e-mail at: investorrelations@totalenergy.ca or visit our website at .
