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Permalink Reply by RBH on December 3, 2009 at 12:04

Ellora has a LOT of debt..fully leveraged.

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Permalink Reply by Skip Peel - Mineral Consultant on December 3, 2009 at 12:16

Yep. There has been a substantial increase in reports concerning Ellora's interest in selling it's prospective Haynesville leasehold. This is one of the better ones. I hope Toby is paid well for it. LOL!

On a more serious note, jffree1, I am wondering if Ellora has been unsuccessful in offering this leasehold privately and is now compelled to turn to the Internet and stock/asset touters such as The Motley Fool to generate interest. If Mr. Shute's characterization of the leasehold's potential is half correct, I would expect a gaggle of interested buyers. I'd like to hear the opinion of some of our E&P'ers.

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Permalink Reply by RBH on December 3, 2009 at 12:23

Have Samson or St Mary drilled any deep tests in their part of Huxley?

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Permalink Reply by RBH on December 3, 2009 at 12:17

http://www.pehub.com/57129/ellora-energy-now-for-sale/

Ellora Energy Now for Sale
Posted on: December 2nd, 2009


(owned ~70% by Yorktown Energy Partners..current debt $160MM)

Ellora Energy Inc., a Boulder, Colo.-based oil and gas company backed by Yorktown Energy Partners, has hired Bank of America Merrill Lynch to help it explore strategic alternatives. Earlier this year the company re-filed its IPO plans after withdrawing registration without giving a reason. It plans to trade on the Nasdaq, with Merrill Lynch and Raymond James serving as co-lead underwriters.

Press Release:

Ellora Energy Inc. today announced that it is exploring a broad range of strategic alternatives to further enhance shareholder value, including, but not limited to, a sale or merger of the Company or the sale of all or a substantial part of its assets. The Company further announced that in support of its consideration of strategic alternatives, it has retained Bank of America Merrill Lynch to evaluate and advise the Board of Directors regarding strategic alternatives.

The Company further stated that there can be no assurance that the review of strategic alternatives will result in the Company pursuing any particular transaction, or, if it pursues any such transaction, that it will be completed. The Company does not expect to make further public comment regarding the review until the Board of Directors has approved a specific transaction or otherwise deems disclosure of disclosure of significant developments is appropriate.

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