WestFire Energy 'could be sold'

Up for grabs: Review could see WestFire Energy sold

Canadian explorer WestFire Energy is reportedly examining strategic alternatives including a potential sale of the company.

The Calgary, Alberta-based player has said it would also consider sale of assets or any other transaction involving a third party, according to Reuters.

"Despite our organic production growth and accretive acquisitions, WestFire's shares trade at a substantial discount to the underlying value of our assets," chief executive Lowell Jackson said in a statement.

The company's shares have halved in their value since February, when they touched a life-high of C$9.99. They closed at C$4.82 on the Toronto Stock Exchange on Friday.

WestFire Energy was launched in 2007 as a private company to acquire and develop below-market oil and gas assets and explore internally-generated opportunities. It went public in December 2009.

It holds a portfolio of opportunities on the Western Canadian prairies, including a Viking light oil resource play in Redwater and Provost Alberta and West Central Saskatchewan.

Cormark Securities will be the company's financial adviser in connection with the strategic review process.


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