CALGARY, March 25, 2019 /CNW/ – RETURN ENERGY INC. (“Return” or the “Company”) (TSX-V: RTN) announces that its Board of Directors (the “Board”) has initiated a formal process to review potential strategic alternatives available to the Company (the “Process”) in an effort to enhance shareholder value.
The Board believes that the current trading price of its common shares does not adequately reflect the underlying value of the Company and its assets, in particular its Upper Charlie Lake light oil development project at Rycroft, Alberta. The Board has appointed an independent committee (the “Special Committee”) to undertake a broad review of potential alternatives to enhance shareholder value. Such strategic alternatives may include, but are not limited to, a sale or merger of the Company or other form of business combination; a sale or joint venture involving all or a portion of the assets; a recapitalization of the Company or other form of strategic investment; or the purchase of assets.
Sayer Energy Advisors (“Sayer”) has been engaged by the Special Committee as its exclusive financial advisor in connection with the Process. Additional information relating to the Process will be available on Sayer’s website at www.sayeradvisors.com in mid-April.
Return has not set a definitive schedule for the Process and it does not intend to provide updates or otherwise disclose developments with respect to the Process until the Board has approved a definitive transaction or strategic alternative, or otherwise determines that disclosure is necessary or appropriate. Return will continue to execute its business plan.