May 8 (Reuters) – Canada’s Second Wave Petroleum Inc
said it ended its search for a buyer, as it did not
receive an offer that correctly valued its oil assets, sending
the oil and gas producer’s shares down as much as 32 pe r cent.
In February, the company, whose primary assets are in
Alberta, had started exploring strategic alternatives, including
a potential sale of itself.
Recent drilling success in Beaverhill Lake light oil play in
Judy Creek, Alberta, has exceeded expectations, the company said
in a statement.
This combined with a weakness in the equity markets has made
it difficult to get a proper valuation for the company’s assets,
it added.
Shares of Second Wave, which were among the top percentage
losers on the Toronto Stock Exchange, were trading down 31
percent at C$1.83 on Tuesday.
(Reporting by Maneesha Tiwari in Bangalore; Editing by Anil
D’Silva)
