(Reuters) - Canada’s NiMin Energy Corp NNN.TO said it is evaluating options, including a sale, as it believes its assets are undervalued compared with its current share price.
Shares of the California-based oil and gas explorer rose 18 percent to a week’s high of 71 Canadian cents on the Toronto Stock Exchange. The shares have more than halved in value so far this year.
The company, which has operations in the Bighorn Basin of Wyoming and San Joaquin Basin in California, said the strategic review has not been initiated due to any particular offer.
NiMin has appointed Macquarie Capital as its financial advisor.
Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel