AKITA Drilling Ltd. - Normal Course Issuer Bid

    CALGARY, June 12 /CNW/ - The Corporation has filed a Notice of Intention
to Make a Normal Course Issuer Bid (the "Bid") with the Toronto Stock Exchange
(the "Exchange") pursuant to which the Corporation indicated that it intends,
subject to the receipt of regulatory approval, to make a normal course issuer
bid for certain of its outstanding Class A Non-Voting Shares on the terms set
forth in the Notice. At the time of filing the Notice, the board of directors
of the Corporation was of the belief, and continues to be of the belief, that
the purchase of the Class A Shares from time to time at appropriate prices
will minimize any dilution resulting from the exercise of stock options to
purchase Class A Shares and is an advantageous use of the Corporation's funds.
    On June 1, 2007, 16,618,258 Class A Shares were outstanding. Under the
rules of the Exchange, in the period commencing on June 15, 2007 and ending on
June 14, 2008 the Corporation may acquire up to 830,912 Class A Shares of the
Corporation, being approximately 5% of the Class A Shares outstanding as at
June 1, 2007. If market conditions permit, the Corporation presently
anticipates that it will acquire up to 300,000 Class A Shares, which number
represents approximately 1.8% of the Class A Shares outstanding as at June 1,
2007.
    Any shares purchased pursuant to the Notice will be cancelled. Shares
will be purchased at the market price of the shares at the time of purchase
and will be purchased on behalf of the Corporation by a registered investment
dealer through the facilities of the Exchange. The funding for any purchase of
Class A Shares pursuant to the normal course issuer bid will be financed out
of working capital of the Corporation.
    The Corporation purchased 277,700 Class A Shares at an average trading
price of $18.64 during the 12 month period preceding the date hereof pursuant
to a normal course issuer bid which commenced on June 9, 2006 and expired on
June 8, 2007. All of such purchases were made by means of open market
transactions through the facilities of the Exchange. Trustees under the
pension plans of affiliates of the Corporation purchased no Class A Shares
during the 12 month period preceding the date hereof.
    A copy of the Notice may be obtained by any shareholder without charge,
by contacting the Secretary/Treasurer of the Corporation at the head office of
the Corporation.

    AKITA Drilling Ltd. is an Alberta Company engaged in the contract
drilling business and its outstanding Class A Non-Voting Shares are listed on
the Toronto Stock Exchange under the symbol "AKT.A".