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Stampede Drilling Announces Renewal of Normal Course Issuer Bid

CALGARY, AB, May 28, 2024 /CNW/ – Stampede Drilling Inc. (“Stampede” or the “Company”) (TSXV: SDI) today announced that the TSX Venture Exchange (the “TSXV”) has approved the renewal of the public offering of Stampede’s normal course buyout (“NCIB”). ) to purchase its common shares (“Common Shares”) through the facilities of the TSXV and/or alternative trading platforms, on or after June 3, 2024 and expiring on the first of days June 2, 2025 and the date on which Stampede acquired the maximum number of common shares authorized under the NCIB.

Logo of Stampede Drilling Inc. (CNW Group/Stampede Drilling Inc.)Logo of Stampede Drilling Inc. (CNW Group/Stampede Drilling Inc.)

Logo of Stampede Drilling Inc. (CNW Group/Stampede Drilling Inc.)

Stampede intends to purchase, for cancellation, up to 20,137,617 common shares, representing 10% of the Company’s free float (as that term is defined in TSXV Policy 1.1 – Interpretation).

Stampede believes that, from time to time, the market price of its common shares trades at prices that may not adequately reflect their underlying value and that the repurchase of common shares for cancellation may represent an attractive use of Stampede’s financial resources. the society. The actual number of shares of common stock that may be purchased, if any, the timing of such purchases and the price at which shares of common stock are acquired will be determined based on a number of factors considered by the Company.

Stampede has engaged Peters & Co. Limited to act as broker for the NCIB. The Tender Offer will be made through the facilities of the TSXV and/or alternative trading platforms, and the purchase and payment for the Common Shares will be made in accordance with the requirements of the TSXV and securities laws. applicable securities.

The Company’s prior tender offer for the purchase of up to 21,872,232 common shares will expire on May 31, 2024. As of the date hereof, Stampede has repurchased a total of 17,840,500 shares of common stock at an aggregate cost of approximately $4,335,364 (Or $0.24 per common share) in connection with its previous public tender offer.

Forward-looking statements

Certain statements contained in this press release constitute forward-looking statements or forward-looking information (collectively, “forward-looking information”). Forward-looking information relates to future events or the future performance of the Company. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “consider”, “continue”, “estimate”, “expect”, “intend”, “propose”, “could “, “may”, “will”, “could”, “should”, “believe”, “predict” and “forecast” are intended to identify forward-looking information.

This press release contains forward-looking information regarding, among other things: the NCIB and the timing, methods and quantity of any purchases of shares of common stock under the NCIB.

Forward-looking information is based on certain assumptions the Company has made with respect thereto as of the date of this press release regarding, among other things: that Stampede’s operations will continue to achieve sustainable financial results and that operating results future will be consistent. with past performance and management’s expectations in this regard; that the price of the common stock will be at levels and there will be no other alternatives that, in each case, make the stock repurchase an appropriate and optimal strategic use of the Company’s financial resources; levels of exploration and development activity in the oil and gas industry; prevailing commodity prices, interest rates, carbon prices, tax rates and exchange rates; future operating costs; and availability of capital.

Although Stampede believes that the material expectations, factors and assumptions reflected in the forward-looking information are reasonable as of the date hereof, there can be no assurance that such expectations, factors and assumptions will prove to be correct. Forward-looking information is not a guarantee of future performance and actual results or events could differ materially from the Company’s expectations expressed or implied by such forward-looking information. Therefore, readers should not place undue reliance on forward-looking information. All forward-looking information is subject to a number of known and unknown risks and uncertainties, including, but not limited to: the state of the global economy, including trade, inflation, ongoing conflict in UkraineTHE Middle East and other geopolitical risks; the condition of the crude oil and natural gas industry and related commodity prices; prices of other raw materials and the potential impact on the Company and the industry in which the Company operates, including levels of exploration and development activities; the impact of increasing competition; fluctuations in operating results; continued significant volatility in global markets and the resulting impact on drilling and completion programs; foreign currency exchange rates; interest rate; shortages of labor and materials; cybersecurity risks; natural disasters ; and certain other risks and uncertainties detailed in the Company’s MD&A and Annual Information Form dated each March 142024, for the year ended the 31st of December2023, management report of the Company dated May 13, 2024and from time to time in Stampede public disclosure documents available on SEDAR+ at www.sedarplus.ca.

This list of risk factors should not be considered exhaustive. Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, intended or projected. Statements, including forward-looking information, are made as of the date of this press release and the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Stampede Drilling Inc.

Cision

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