Bow Valley Energy says that as a consequence of the Company’s bank indebtedness maturities on December 31, 2008 and the current global economic environment, its Board of Directors has appointed a Special Committee composed of independent directors, and has engaged Scotia Waterous Inc. to examine and consider a range of strategic alternatives available to the Company. These alternatives will include, among other things, exploring potential asset divestments, equity alternatives, strategic alliances, joint venture opportunities, mergers or a corporate sale transaction.

In addition to the review of strategic alternatives, the Company has separately engaged Tristone Capital Inc. to assist in the potential disposition of all or part of its Peik North Sea asset, a non-producing pre-sanction property, the proceeds of which will be used firstly to reduce the Company’s outstanding indebtedness and then for working capital purposes.

No decision on any particular alternative has been reached at this time and there can be no assurance that the strategic review process or the property sale process will result in any change in the Company's current operations or that the Company will pursue any particular transaction.

Tags: Bow Valley Energy Ltd.