(Bloomberg) -- Canadian oil and gas producer Logan Energy Corp. is exploring options including a potential sale, according to people familiar with the matter.
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The Calgary-based company is working with financial advisers to solicit interest from potential buyers, said the people, who asked to not be identified because the details aren't public. No final decision has been made and Logan could opt to remain independent, the people said.
Logan fell 1.5% to close at C$1.30 in Toronto trading Thursday, giving the company a market value of about C$899 million ($642 million). The stock has gained 63% in the past year.
Representatives for Logan didn't respond to requests for comment.
Logan, with operations in Alberta and British Columbia, comes to market amid a pickup in Canadian energy dealmaking, as companies bet on Prime Minister Mark Carney's favorable stance toward the country's fossil fuels industry. In a turnabout from his predecessor Justin Trudeau, he's to vowed to speed permits for major projects as part of his vision for making Canada an energy superpower.
The friendlier regulatory environment has helped foster interest in Canada from international oil giants such as Shell Plc, which closed its $13.6 billion purchase of ARC Resources Ltd. in September.
Canadian oil and gas fields, especially the country's shale plays, are less developed than oilfields such as the Permian Basin in the US, offering better growth prospects to potential buyers.
Logan was formed through Spartan Delta Corp.'s spinout of its early stage Montney assets in 2023.
The company's Montney produced nearly 17,000 barrels of oil equivalent per day in the second quarter, according to an investor presentation in August.
Major players with nearby operations include Cenovus Energy Inc., ConocoPhillips and Ovintiv Inc., that presentation shows.
--With assistance from Robert Tuttle.
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