Eco (Atlantic) Oil & Gas (CVE:EOG) unveiled a plan to buy back up to 6.49 million of its shares.
The firm said it had received approval from Toronto's Venture Exchange for its plans to make what's called a normal course issuer bid.
Under the terms, the firm may acquire up to 6.4mln shares from time to time, representing around 10% of the total held.
The issuer bid will start on March 10 this year and will terminate on March 9, 2017.
Previously, Eco has bought over 6mln shares through a normal course issuer bid which ended on March 1 this year.
The company reckons its shares have been trading in a price range which does not adequately reflect their value, relative to the business and its future prospects.