The Board of Whitebark Energy Limited (ASX:WBE) has conducted a formal review process to evaluate strategic options to maximise shareholder value. The review included assessment of a potential partial or full sale of the Canadian subsidiary Rex Energy and/or its assets. A number of Confidentiality Agreements have been executed.

The Company is now conducting a formal DataRoom process to gauge levels of interest in monetisation of its Rex Energy subsidiary in Alberta Canada. As part of this process, the Company is reviewing a number of new opportunities. A number of enquiries have been received and Confidentiality Agreements have been executed with interested parties, with said parties given access to a Virtual Data Room to allow their professional technical assessment of the potential and implied value of the Wizard Lake Oil and Gas Field in Alberta, Canada.

As part of the formal process AE Advisors (formally Adelaide Equity Partners Limited) have been retained as financial advisors, and Steinepreis Paganin as legal counsel. Notwithstanding the initiation of this review process, Whitebark intends to continue: Ongoing investment in the Company’s assets to optimise resource recovery and value. Consider utilisation of mechanisms to deliver tangible shareholder returns.