NAL Energy Corporation Announces October Dividend

NAL Energy Corporation (TSX:NAE) declared a monthly dividend of $0.07 per common share payable on November 15, 2011.

As quoted in the press release:

The shares will begin trading on an ex-dividend basis on October 20, 2011. These dividends are designated as “eligible dividends” for Canadian income tax purposes.

The current monthly dividend totals $0.84 per common share on an annualized basis, and represents a 10.4% cash-on-cash yield based on the October 12, 2011 closing share price of $8.06.

NAL’s Board of Directors sets the dividend level taking into consideration commodity prices, forecast cash flow of the Corporation, financial market conditions, availability of financing, internal capital investment opportunities and taxability.

Click here to read the NAL Energy Corporation (TSX:NAE) press release