IROC Energy Services Corp. announces normal course issuer bid

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[{"type":"text","content":"\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY\nUNITED STATES NEWS SERVICES/\n\n\nCALGARY, Dec. 16 /CNW/ - IROC Energy Services Corp. ("IROC" or the\n"Company") (TSX: "ISC") announced today that it will be proceeding with a\nnormal course issuer bid to purchase, through the facilities of the Toronto\nStock Exchange (TSX), up to a maximum of 2,216,383 of its common shares,\nrepresenting 5% of IROC's issued and outstanding common shares, which, as of\nthe date hereof, is 44,327,667, subject to a daily maximum purchase amount of\n8,618 common shares (this daily maximum purchase amount is due to an exemptive\nrelief granted by the TSX until March 31, 2009). Purchases by IROC would\ncommence on December 19, 2008 and will end no later than December 18, 2009.\n\n\nIROC will pay the market price for its common shares on the TSX at the\ntime of acquisition and no purchases will be made other than by means of open\nmarket transactions during the period the normal course issuer bid is\noutstanding. IROC has not purchased any of its own common shares during the\npast 12 months.\n\n\nIROC believes that the common shares may from time to time be undervalued\nand may not reflect the financial strength and net asset value of the Company.\nAll common shares purchased under the issuer bid will be cancelled, increasing\nthe respective proportionate share interests of all remaining shareholders.\nThe funding for any purchases of Common Shares pursuant to the normal course\nissuer bid will be financed out of working capital.\n\n\nAbout IROC Energy Services Corp.\n\n\nIROC Energy Services Corp. is an Alberta oilfield services company that,\nthrough the IROC Energy Services Partnership, provides a comprehensive and\ndiverse range of products, services and equipment to the oil and gas industry.\nIROC combines cutting-edge technology with depth of experience to deliver a\nproduct and services offering in five core areas: Well Servicing & Equipment,\nDownhole Temperature & Pressure Monitoring Tools, Rental Services, Lease\nBuilding, and Safety, Monitoring & Communications Services. For more\ninformation on IROC Energy Services Corp. visit our website at\nwww.iroccorp.com.\n\n\nCautionary Statements\n\n\nCertain statements contained in this press release may constitute forward\nloo...

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