May 8, 2012 / 2:27 PM / 5 years ago

UPDATE 1-Second Wave ends process to find buyer; shares tank

May 8 (Reuters) - Canada’s Second Wave Petroleum Inc 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 pe r cent.

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)

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