July 3 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
"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
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.