canadian petroleum exploration and production company frontera energy corp said monday that it will begin to buy back up to 50 million of its outstanding common shares by way of a modified dutch auction fronteras board approved the start of the substantial issuer bid at a tender price range of between 11 canadian dollars us844 and c1300 a share the company said it plans to fund the repurchases through its available cash on hand while the trading price of the shares are seen as below their intrinsic value the offer reflects the boards view that the companys share price remains undervalued and represents a value accretive use of the companys financial resources it said the offer is expected to begin on friday and run until july 29