July 15, 2011 / 9:45 PM / 8 years ago

UPDATE 1-Alange Energy sets reverse stock split, to change name

* Sets one-for-seven reverse split of common shares, warrants

* To change name to PetroMagdalena Energy Corp

* Consolidation, name to change effective July 19 (Follows Alerts)

July 15 (Reuters) - Canadian oil exploration company Alange Energy Corp said it will effect a one-for-seven reverse split of its common shares to reduce volatility and to make the stock more attractive to institutional investors.

Toronto-based Alange will also consolidate its listed warrants on a one-for-seven basis, it said in a statement.

The company said it will change its name to PetroMagdalena Energy Corp, and that the shares and warrants will start trading on a post-consolidation basis from Tuesday under the symbols “PMD” and “PMD.WT”.

Shares of the company closed at 21 Canadian cents on Friday on the Toronto Venture Exchange. (Reporting by Mayuresh Tungare in Bangalore; Editing by Joyjeet Das)

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