BNK Petroleum Inc. (BKX:TSX; BNKPF:OTCQX) announced in a news release it will begin to delineate and assess various ways to optimize capitalization and growth, aiming to increase shareholder value, as it advances its Tishomingo project, "a strategic and highly focused shale oil property concentrated in the Southern SCOOP play/Ardmore Basin of Oklahoma," into the development phase.
The board of directors has created a special committee, to be chaired by David Neuhauser, to work with management and BNK's outside advisers to "identify, examine and evaluate all strategic options and recommend to the board whether any transaction is in the best interests of BNK and its shareholders," the release noted.
The options will be narrowed to those that would result in the development of Tishomingo at the lowest capex but also would maximize shareholder value. As such, they might include an asset sale, corporate sale or merger, joint venture, drilling fund, refinancing, recapitalization or some other action. Or potentially, the company could elect to not pursue any of them and continue its operations and business strategy as they are.
BNK has engaged the services of Macquarie Capital Markets as a financial advisor "in connection with this comprehensive review and analysis of strategic options."
The company noted that it has "not set a definitive schedule to complete its identification, examination and evaluation of strategic options or made a decision to pursue any particular action."
Read what other experts are saying about:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: none. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: BNK Petroleum. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with BNK Petroleum. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of BNK Petroleum, a company mentioned in this article.