Meren Energy Inc (TSX:MER, OTCQX:MRNFF) announced that it has renewed its share repurchase program after receiving approval from the Toronto Stock Exchange.
The upstream oil and gas company said it views share repurchases as an effective use of capital and a means of returning value to shareholders.
The program authorizes Meren to buy back up to 21.6 million of its common shares over the next year across the TSX, Nasdaq Stockholm, and alternative Canadian trading systems.
The authorization represents up to US$35 million in potential repurchases.
The buyback period begins December 8 and may run until December 2026, unless the company completes purchases earlier or chooses to end the program.
Meren said decisions on when and how many shares to repurchase will depend on market conditions and management discretion. Shares purchased will be cancelled.
The company also established an automatic share purchase plan that allows its broker to continue repurchases during periods when Meren is restricted from trading, such as during earnings blackout windows. Purchases made under that plan count toward the overall program limit.
Under its previous buyback program, which concludes December 5, the company repurchased more than 8.4 million shares at an average price of C$1.93.