Americas Petrogas Inc. ("Americas Petrogas" or the "Company") announced that, following recent success of its ongoing Vaca Muerta Shale exploration program and recent industry enquiries concerning potential business opportunities, its Board of Directors has authorized management to commence a process to review strategic alternatives for maximizing shareholder value. The Company has engaged Jefferies LLC as its sole financial advisor as it considers a range of strategic alternatives, potentially including joint venture(s) on one or more of its 14 operated blocks covering more than 2,000,000 acres, a sale of specific assets, a sale or merger of the Company, as well as continued execution of the Company’s business plan.
Barclay Hambrook, President and CEO, commented, “Given the sustained progress and strong commitment of industry to the Vaca Muerta Shale trend, and Americas Petrogas’ several recent operational achievements, we believe now is an appropriate time for the Company to explore strategic alternatives to unlock shareholder value. We selected Jefferies to assist us due to its broad expertise and market leadership in shale transactions.”
During its strategic review, Americas Petrogas will continue to aggressively de-risk and operate a majority of its leading Vaca Muerta Shale position in the Neuquén Basin, to expand its application of unconventional drilling technology, and to exploit its large inventory of attractive conventional projects through ongoing development drilling.
The Company does not intend to comment further regarding the evaluation of strategic alternatives, unless a specific transaction or process is concluded, or it otherwise deems further disclosure is appropriate or required. There can be no assurance that this review will result in the Company pursuing any transaction or that a transaction, if pursued, will be completed.
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