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Anglo Canadian announces strategic review; could sell some or all of assets

By The Canadian Press | February 13, 2012

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CALGARY - Anglo Canadian Oil Corp. (TSXV:ACG) announced Monday that it will carry out a strategic review in an attempt to enhance shareholder value.

The Calgary-based petroleum junior said options to be examined by a special committed set up by the board of directors may include the sale of some or all of the company's assets, including an outright sale of the company or a merger.

Anglo Canadian said it was making the move because it believes its shares "trade at a significant discount to the value of its underlying assets, especially given its significant Nordegg, Beaverhill Lake and Duvernay prospective land base, strong balance sheet and producing Bakken heavy oil assets."

Stock in the company, which has $4.5 million in cash on hand and no debt, closed down half a cent at 4.5 cents on Friday, giving it a market capitalizing of less than $9.1 million based on about 200 million shares outstanding.

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