Verenex Energy considers 'strategic options,' could be up for sale

By The Canadian Press

CALGARY - Verenex Energy Inc. (TSX: VNX.TO) has indicated it may be interested in courting bidders for a possible sale, declaring Monday now is the "right time" to consider its "strategic options."

The Calgary-based company with an oil and gas exploration portfolio in the Ghadames Basin of Libya said its board has begun "a process to identify, examine and consider a range of strategic alternatives available to Verenex to maximize shareholder value."

While such statements often indicate a company is considering putting itself up for sale, Verenex said it has not yet made any decisions on whether that will ensue or it will pursue some other alternative.

Verenex has a current market value $328.5 million.

The company is currently exploring Area 47 in Libya, where it has made a commerciality application for an initial development phase.

"Verenex does not intend to make any further announcement regarding the process unless and until its board of directors has approved a specific transaction or other course of action or otherwise deems disclosure of developments is appropriate," the company said in a statement.

Vermilion Energy Trust (TSX: VET-UN.TO) holds a 42.4 per cent interest in Verenex's outstanding shares.