Canadian Oil Company to Liquidate Due to Crisis in Yemen

Reuters

April 9 (Reuters) – Canadian oil and gas producer Calvalley Petroleum Inc said it would liquidate due to the political crisis in Yemen, where it has almost all of its operations.

Calvalley shareholders will have the option to get 80.7 cents per share or shares of the company's unlisted unit, Calvalley Energy Ltd, or a combination of both, the company said.

The company said on Thursday its efforts to diversify out of Yemen, or sell itself or its assets, had not resulted in "compelling" opportunities.

The company has a 50 percent working interest in an oil and gas block owned by Yemen.

It also has a small working interest in a property in Saskatchewan, Canada.

(Reporting by Anannya Pramanick in Bengaluru; Editing by Saumyadeb Chakrabarty)

 

Copyright 2016 Thomson Reuters. Click for Restrictions.

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