Petrokazakhstan (NYSE:PKZ)
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PetroKazakhstan Inc. - Share Repurchases through the Facilities
of the NYSE
CALGARY, April 25 /PRNewswire-FirstCall/ -- PetroKazakhstan Inc. announced
today that it intends to make repurchases of its Class A common shares ("Common
Shares") from time to time through the facilities of the New York Stock
Exchange (the "NYSE"). PetroKazakhstan currently has a normal course issuer bid
in place under the rules of the Toronto Stock Exchange (the "TSX") and the NYSE
repurchases are intended to provide it with greater flexibility in conducting
its open market repurchase program.
Under applicable Canadian securities laws, PetroKazakhstan will be permitted to
make open market purchases of up to 3,729,792 Common Shares through the
facilities of the NYSE, representing 5% of the total number of outstanding
Common Shares, within a 12 month period. Common Shares purchased by
PetroKazakhstan through the NYSE will also be counted toward the purchase
limitation applicable PetroKazakhstan's TSX normal course issuer bid.
PetroKazakhstan currently has 74,595,837 Common Shares outstanding. Under its
TSX normal course issuer bid and taking into account its previous repurchases,
PetroKazakhstan may repurchase up to 3,963,629 Common Shares prior to August
12, 2005.
Purchases made through the NYSE will be made in compliance with applicable
United States securities laws and this announcement is intended to provide
notice of a repurchase program in the United States consistent with market
practice.
PetroKazakhstan Inc. is a vertically integrated, international energy company,
celebrating its eighth year of operations in the Republic of Kazakhstan. It is
engaged in the acquisition, exploration, development and production of oil and
gas, refining of oil and the sale of oil and refined products.
PetroKazakhstan shares trade in the United States on the NYSE, in Canada on the
TSX, in the United Kingdom on the London Stock Exchange and in Germany on the
Frankfurt Exchange under the symbol PKZ. As of December 27, 2004,
PetroKazakhstan shares began trading on the Kazakhstan exchange under the
symbol CA_PKZ. PetroKazakhstan's website can be accessed at
http://www.petrokazakhstan.com/.
Neither The Toronto Stock Exchange or any other stock exchange
or regulator has approved or disapproved the
information contained herein.
DATASOURCE: PetroKazakhstan Inc.
CONTACT: please contact: Ihor P. Wasylkiw, Vice President, Investor
Relations, +1 (403) 221-8658, +1 (403) 383-2234 (cell); Jeffrey D. Auld, Vice
President, Treasurer, +44 (1753) 410-020, +44 79-00-891-538 (cell)