Precision Drilling Announces Renewal of Normal Course Issuer Bid

CALGARY, Alberta, Sept. 13, 2024 (GLOBE NEWSWIRE) -- This news release contains "forward-looking information and statements" within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the "Cautionary Statement Regarding Forward-Looking Information and Statements" later in this news release.

Precision Drilling Corporation (Precision or the Company) announced today that the Toronto Stock Exchange (the TSX) has approved its intention to implement a normal course issuer bid (NCIB) for a portion of its common shares (Common Shares). Precision believes the NCIB continues to represent another tool for the Company to enhance the value of its underlying shares.

Pursuant to the renewed NCIB, the Company has been authorized by the TSX to acquire up to a maximum of 1,359,108 Common Shares, or approximately 10% of the public float as of September 5, 2024, for cancellation. As of September 5, 2024, Precision had 14,107,373 Common Shares issued and outstanding and a public float of 13,591,089 Common Shares. Purchases under the NCIB may commence on September 19, 2024 and will terminate no later than September 18, 2025, or such earlier time as the Company completes its purchases pursuant to the NCIB or provides notice of termination.

Purchases under the NCIB will be made in accordance with applicable regulatory requirements through the facilities of the TSX, the New York Stock Exchange (the NYSE), other designated exchanges and/or alternative trading systems in Canada or the United States or by such other means as may be permitted by the applicable securities regulator at a price per Common Share representative of the market price at the time of acquisition. The number of Common Shares that can be purchased pursuant to the NCIB is subject to a current daily maximum of 19,307 Common Shares (which is equal to 25% of the average daily trading volume of 77,231 Common Shares on the TSX for the six full calendar months ending August 31, 2024), subject to the Company’s ability to make one block purchase of Common Shares per calendar week that exceeds such limits. All Common Shares purchased under the NCIB will be cancelled after their purchase. The Company intends to fund the purchases out of its available resources.