viewAnglo Canadian Oil

Anglo Canadian begins strategic review to boost shareholder value


Anglo Canadian Oil (TSE:ACG) said Monday it has initiated a strategic alternative review in a bid to enhance shareholder value.

The natural gas junior said a special committee will oversee the process to examine the sale of some or all of the company's assets, including an outright sale of the company or a merger.

Anglo has hired PI Financial Corp. as its financial advisor to help with the process.

Anglo Canadian has decided to begin the strategic alternative review process because it thinks its shares trade at a "significant discount" to the value of its underlying assets, especially given its significant Nordegg, Beaverhill Lake and Duvernay prospective land base, strong balance sheet and producing Bakken heavy oil assets.

The company, which is based in Calgary, owns 172,160 acres of potential Nordegg oil bearing land in west central Alberta, and 89,919 acres of potential oil bearing Beaverhill Lake and Duvernay lands in Central Alberta.

It has an additional 17,640 acres of potential Bakken and Mannville oil bearing lands in the Kindersley area of Southwest Saskatchewan.

President, Jim Ehret, said: "Anglo is well positioned to continue to develop its Nordegg oil resource play projects. We believe it is in the best interests of all shareholders to initiate a strategic alternatives review process at this time."

The company, which has $4.5 million in cash and no debt, closed Friday at 4.5 cents per share. It has a market cap of $9.09 million based on 202 million shares outstanding.

Quick facts: Anglo Canadian Oil

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Market: TSX-V
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