ELLORA ENERGY ARTICLE FROM THE BOULDER COUNTY BUSINESS REPORT - Dec. 1, 2009
12/1/2009 - 1:55:10 PM
Ellora Energy considers alternatives
By David Clucas
BOULDER - A privately held Boulder-based energy company, which previously had considered going public, announced it is exploring alternative options to enhance shareholder value, including the possible sale or merger of the company.
Ellora Energy Inc. said it retained Bank of America Merrill Lynch to evaluate and advise the company's board of directors regarding strategic alternatives.
Ellora Energy is an independent oil and gas exploration and production company with assets principally located in southwestern Kansas in the Hugoton Field area and in East Texas/Louisiana in the James Lime and Haynesville Shale plays.
In December 2007, Ellora said it intended to go public, but it later withdrew that request earlier this year. The company raised $40 million in February by selling 1 million private shares.
Ellora Energy considers alternatives
By David Clucas
BOULDER - A privately held Boulder-based energy company, which previously had considered going public, announced it is exploring alternative options to enhance shareholder value, including the possible sale or merger of the company.
Ellora Energy Inc. said it retained Bank of America Merrill Lynch to evaluate and advise the company's board of directors regarding strategic alternatives.
Ellora Energy is an independent oil and gas exploration and production company with assets principally located in southwestern Kansas in the Hugoton Field area and in East Texas/Louisiana in the James Lime and Haynesville Shale plays.
In December 2007, Ellora said it intended to go public, but it later withdrew that request earlier this year. The company raised $40 million in February by selling 1 million private shares.
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Replies to This Discussion
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Permalink Reply by Skip Peel - Mineral Consultant on
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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
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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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