Angle Energy Inc said that it may put itself on the market. The Calgary based oil and gas exploration company said that despite the increase with its oil weighting production in the past two years, the share price for the company is undervalued.
Angle Energy Inc's production for the second quarter of the year is estimated to be between 10,800 barrels to 10,900 barrels per day.
Angle Energy released a statement saying, "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."
Known assets for Angle are in Harmattan, Ferrier and Edson areas of Alberta.
Cormark Securities Inc and FirstEnergy Capital Corp have been appointed by Angle to look into strategic alternatives which might include a sale.
Shares for the company closed at C$3.39 on Wednesday at the Toronto Stock Exchange. Angle has a market capitalization of US$258.96 million or C$272.8 million.
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