8 million shares and the stock is up 62% today.....
CALGARY, Aug. 30, 2012 /CNW/ - (TSX-V: ROZ) - Rodinia Oil Corp. ("Rodinia" or the "Corporation") announces that its Board of Directors has formalized a process to identify, examine and consider strategic alternatives for the Corporation with the view to enhancing shareholder value. Such strategic alternatives may include, but are not limited to, a sale, farmout or joint venture of all or a portion of the assets of the Corporation, a merger or other business combination of the Corporation with another entity, a recapitalization of the Corporation, a sale of the Corporation as a whole or any combination thereof.
In 2011 Rodinia drilled two exploratory wells, both of which encountered oil and gas shows, encouraging petroleum systems indications and excellent Neoproterozoic reservoirs. Management believes that significant potential remains in the Officer Basin for both conventional and unconventional hydrocarbon discoveries. A lack of sufficient additional capital to undertake more extensive drilling operations has constrained the Corporation, but the Board of Directors believes that considerable geological progress has been made and significant inherent value remains in the Corporation's assets.