09/19/2013 11:41 EDT | Updated 11/19/2013 05:12 EST

Americas Petrogas announces strategic review could result in sale of company

CALGARY - Americas Petrogas Inc. (TSXV:BOE) has embarked on a review of strategic alternatives that will consider a sale of the company as a whole, partnerships or the sale of specific assets, the company announced Thursday.

Americas Petrogas has interests in numerous blocks in Argentina's Neuquen Basin, including unconventional oil and gas shale formations.

The Calgary-based junior oil and gas producer had a market value of about $227.4 million prior to the announcement, based on Wednesday' closing price of 96 cents.

Its shares rose about 11 per cent on the TSX Venture Exchange on Thursday.