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Thursday, January 31, 2013

Activism Moves North of the Border

Sandridge, Chesapeake and Hess have all been targets of activist shareholders.

Now we have a little guy (TriOil) become a target for a shareholder who wants value to be realized.

It is nice to see some confirmation that Petrobakken was doing good things by amassing a 17% stake in TriOil prior to this pop.  TriOil released a comment (details below) about both Petrobakken's buying of shares and the activist investor.

A sale of the company should provide another data point for valuing Petrobakken's Cardium acreage which gets little respect.


CALGARY, Jan. 31, 2013 /CNW/ - TriOil Resources Ltd. ("TriOil" or the "Company" - TSXV:TOL) confirms that onJanuary 30, 2013 it received a letter from Andylan Capital Strategies Ltd. ("Andylan") requesting various initiatives be undertaken by TriOil as set forth in the Andylan press release dated January 30, 2013 (the "Andylan Letter").  TriOil advises that its Board of Directors (the "Board") will review the Andylan Letter and will take such steps as the Board determines to be in the best interests of the Company and its stakeholders.  TriOil will provide an update to the market in that regard in due course.
Furthermore, in respect of the recently announced purchase by PetroBakken Energy Ltd.("PetroBakken") of 11,050,330 common shares of TriOil, which represents approximately 17.3% of the total issued and outstanding common shares of TriOil on a non-diluted basis, TriOil views this investment by PetroBakken in TriOil as validating TriOil's ongoing exploration and development activities and strong operational positions in two top-tier light oil resource projects in TriOil's core areas of Lochend and Kaybob, Alberta.

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