Enterra Energy gets approvals for issuer bid on 8.25%, 8% convertibles

By Jennifer Chiou

New York, May 28 - Enterra Energy Trust announced that it obtained the necessary approvals to make a normal course issuer bid for C$4 million of its C$40 million of 8.25% convertible unsecured subordinated debentures due Dec. 31, 2012 and C$8,033,100 of its C$80,331,000 of 8% convertible subordinated unsecured debentures due Dec. 31, 2011.

The issuer bid period begins on June 1 and wraps on May 31, 2010 or the date on which Enterra completes its maximum allowable purchases under the bid.

Each debenture has a face value of C$1,000.

The 8.25% debentures are convertible into trust units of Enterra at a price of C$6.80 per trust unit while the 8% debentures are convertible into trust units of Enterra at a price of C$9.25 per trust unit.

The maximum amount of securities that may be acquired under the bid represents 10% of the public float of each of the debentures series.

Any acquired securities will be canceled.

Enterra is a Calgary, Alta.-based oil and gas trust with assets in Canada and the United States.

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