NYTEX Energy Holdings Inc. (OTCBB: NYTE) intends to repurchase up to an aggregate of 2.7 million shares of its common stock or 10% of outstanding common shares.
The repurchases were approved by the company’s board of directors and will be made from time-to-time on the open market at prevailing market prices. The repurchase program is expected to continue over the next 12 months unless extended or shortened by the board of directors.
The timing and amount of any repurchase will depend on economic and market conditions, the trading price and other factors and any purchases will be executed in compliance with applicable laws and regulations. The plan does not obligate the company to acquire any particular amount of common stock and can be implemented, suspended or discontinued at any time without prior notice at the company’s sole discretion. The share repurchase program will be funded with the company’s available working capital.
NYTEX Energy Holdings Inc. engages in the acquisition, development, and resale of oil and gas leasehold properties in Texas. The company is headquartered in Dallas.
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