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(Reuters) - Canada's Second Wave Petroleum Inc SCS.TO said it ended its search for a buyer, as it did not receive an offer that correctly valued its oil assets, sending the oil and gas producer's shares down as much as 32 percent.
In February, the company, whose primary assets are in Alberta, had started exploring strategic alternatives, including a potential sale of itself.
Recent drilling success in Beaverhill Lake light oil play in Judy Creek, Alberta, has exceeded expectations, the company said in a statement.
This combined with a weakness in the equity markets has made it difficult to get a proper valuation for the company's assets, it added.
Shares of Second Wave, which were among the top percentage losers on the Toronto Stock Exchange, were trading down 31 percent at C$1.83 on Tuesday.
Reporting by Maneesha Tiwari in Bangalore; Editing by Anil D'Silva