Petrolifera Petroleum Ltd. says it has launched a strategic review of alternatives for its businesses, which could include divesting certain assets or joint ventures, as well as either a sale or merger of the company.
The Calgary-based petroleum and natural gas company, which is focused in South America, said it may also evaluate financing and recapitalization opportunities that could boost shareholder value.
"The board of directors determined that it was an appropriate time to assess strategic options following a thorough review of current operations, the exploration opportunities, contractual obligations and capital requirements to exploit the company's lands in Argentina, Colombia and Peru," Petrolifera said in a release.
The company noted that no decisions have been reached and that there is no assurance its review will result in any transaction.
Petrolifera also provided an update on its operations, saying that it's in negotiations with an unnamed international oil company to farm out two blocks of its operations at the Ucayali basin in Peru