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CALGARY – It’s getting so bad in the oilpatch that companies in trouble can’t even sell themselves.
TD Securities recently analyzed the strategic reviews of 15 Canadian energy firms over the past 18 months. Three have found buyers, the TD Securities report said.
Six are still searching for a suitor, four have slipped into receivership, one closed down after selling all of its assets and another dropped its strategic review and hired a new CEO, according to the analysis released last week.
The companies, mainly junior outfits, are the energy sector’s unwanted.
In theory, strategic reviews are an open invitation for solutions to a company’s poor share price that can include refinancing, asset sales and partnerships. But success often means a corporate sale or merger.
Calgary-based Zargon Oil & Gas announced its strategic review 13 months ago and despite recent agreements to sell its southeast Saskatchewan oilfields and a smaller package of Alberta assets, it is still trying to fix its balance sheet…

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