Upper Lake Oil and Gas Ltd. announces plan to repurchase shares

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[{"type":"text","content":"\n\n\n\nCALGARY, Feb. 14 /CNW/ - Upper Lake Oil and Gas Ltd. (TSX:UP) ("Upper\nLake") announced today that it intends to repurchase shares of the Corporation\nover the next 12 months as part of the Corporation's ongoing strategy to\nenhance shareholder returns. The Toronto Stock Exchange has accepted Upper\nLake's notice to undertake a normal course issuer bid that will expire on\nFebruary 17, 2009.\n\n\nAs of today's date, Upper Lake has 25,336,798 common shares outstanding.\nIf market conditions permit, Upper Lake intends to acquire up to 1,266,840\ncommon shares, or approximately 5% of the common shares outstanding, from\nFebruary 18, 2008 to February 17, 2009, subject to a daily purchase limit of\n17,355 common shares.\n\n\nAll purchases of common shares will be effected through the facilities of\nthe TSX and cancelled by Upper Lake. Common shares will be purchased at the\nprevailing market price on behalf of Upper Lake by a registered investment\ndealer. Upper Lake expects to finance all purchases pursuant to the normal\ncourse issuer bid out of working capital.\n\n\nManagement believes purchases of Upper Lake's common shares represent\ngood value for the Corporation. Purchases may serve to enhance returns to\nshareholders by increasing the equity interest of shareholders who continue to\nhold common shares.\n\n\nUpper Lake's assets consist of exploration plays, producing properties,\nrelated tangibles and undeveloped lands that were transferred to Upper Lake by\nDiamond Tree Energy Ltd. in October 2007 pursuant to a plan of arrangement\ninvolving Diamond Tree, Crocotta Energy Inc. and Upper Lake. Additional\ninformation regarding the asset transfer and the business of Upper Lake is\ncontained in the Diamond Tree Management Information Circular and Proxy\nStatement dated September 12, 2007, which has been filed with the Upper Lake\nprofile on SEDAR and is available at www.sedar.com.\n\n\nTo the knowledge of Upper Lake, no director, senior officer or other\ninsider of Upper Lake currently intends to sell any common shares under this\nnormal course issuer bid. However, sales by such persons through the\nfacilities of the TSX may occur if the individual's circumstances change or if\nthe individual makes a decision unrelated to these normal course purchases.\n\n\nCertain information set out in this News Release consti...

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