Oil and gas explorer Angle Energy may sell itself

Wed Jul 3, 2013 8:43pm EDT
 
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July 3 (Reuters) - Oil and gas exploration company Angle Energy Inc said that it may sell itself as it estimated second quarter production to be about 10,800 barrels to 10,900 barrels of oil equivalent per day.

The Calgary-based company said that despite an increase in its oil weighting production to 57 percent from 39 percent in the past two years, its share price continued to undervalue the company.

"Despite the success of Angle's strategy, a gap continues to exist between the trading price of Angle shares and the company's intrinsic net asset value," the company said in a statement.

Angle, which has assets in the Harmattan, Ferrier and Edson areas of Alberta, said that FirstEnergy Capital Corp and Cormark Securities Inc have been appointed to evaluate strategic alternatives which include a sale.

Shares of the company, which has a market capitalization of C$272.8 million ($258.96 million), closed at C$3.39 on Wednesday on the Toronto Stock Exchange.