Spyglass Resources Corp. (TSX:SGL) announces a share repurchase program. Under the issuer bid, the company will repurchase up to 12,460,689 shares, representing 9.68% of its outstanding shares.

The shares repurchased will be cancelled. The company intends to make the bid because, at certain times, the purchase and the cancellation of the shares may represent an appropriate use of the funds and be in the best interests of the company and its shareholders. The bid is subject to approval from the Toronto Stock Exchange.

As of December 16, 2014, the company has 128,100,000 shares outstanding.