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Oil Reserve Inc. has announced that its Board of Directors has initiated a process to identify, examine and implement strategic and financial alternatives available to the Company.
Strategic and financial alternatives may include, but are not limited to, the sale of the Company or all or a portion of its assets, recapitalization, joint venture or any combination thereof. Paradigm Capital Inc. has been retained as the Company's financial advisor to assist with this process.
It is the Company's current intention not to disclose developments with respect to the strategic review process until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate. The Company cautions that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.
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