Bow Valley Energy eyes possible sale

Bow Valley Energy Ltd. said Friday it is considering selling all or part of the company as it faces a Dec. 31 deadline for its debt.

The oil and gas company also cited the weak global economic environment as part of its decision to look at a possible sale.

The Calgary-based company said it has hired Scotia Waterous to help explore alternatives, which could wind up including a merger or a sale. The company has also hired Tristone Capital Inc. to assist in the possible sale of some of its Peik assets in the United Kingdom zone of the North Sea. Money from a sale of the non-producing Peik assets would be put toward cutting Bow Valley's debt.

The company said earlier this month that as of Sept. 30 it had debt and a working capital deficiency of $188.4 million. The company lost $2.4 million in the third quarter on revenue of $29.4 million.

Shares of Bow Valley were off two cents at 48 cents in trading on the TSX. The company's stock has skidded from the 52-week high of $6.70 it hit back in January.

Bow Valley has additional property in Alaska.