Bois d'Arc Energy ends strategic review, will repurchase shares

By Lisa Kerner

Charlotte, N.C., Nov. 13 - Bois d'Arc Energy, Inc. concluded its review of strategic alternatives. While the company's financial advisers solicited and received several preliminary offers to buy the company, no definitive offers were received with sufficient financing in place.

The company's board of directors authorized a share repurchase plan for up to $100 million of its common shares in open-market and private transactions.

"Bois d'Arc and its board conducted an extensive process of evaluating strategic alternatives during a period of uncertainty in the financing markets," chairman Jay Allison said in a company news release.

"After carefully reviewing other strategic alternatives, our board believes that the best option for our shareholders is to continue to pursue our established and successful business plan augmented by a repurchase of shares."

As previously reported, Bois d'Arc retained Scotia Waterous and Raymond James in June to assist the board in the strategic review process.

Bois d'Arc is an independent oil and gas exploration company based in Houston.

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