Tetra Technologies Inc. (NYSE: TTI) has expanded the scope of strategic alternatives it will consider for Maritech Resources Inc., which explores for and produces oil and gas in the Gulf of Mexico. Maritech Resources has already sold certain oil and gas properties that accounted for about 11 percent of its proved reserves at the end of 2010. The Woodlands, Texas-based Tetra Technologies said in an earnings conference call in February that its strategy for Maritech Resources focused on selective reinvestment in core properties and the sale of non-core assets.
Streetlight Intelligence Inc.’s board formed a special committee to review and evaluate strategic alternatives. Options under consideration include debt or equity financing arrangements, a joint venture and the sale of assets. The Victoria, British Columbia-based company also plans to review a merger of business combination and the sale of the entire business to a better-financed concern. Streetlight develops environmentally friendly systems that allow street light operators to reduce energy consumption and maintenance costs.
Raser Technologies Inc. plans to explore strategic alternatives in order to remain a going concern. The Provo, Utah-based renewable energy company made the decision because of its cash resources, non-discretionary expenses and debt obligations. It will consider a merger or sale of the entire company. Raser Technologies also plans to evaluate a financial reorganization along with other possible options. The company has an operating plant in Utah, plus eight development and early-stage projects in Utah, New Mexico, Nevada and Oregon. It also holds a concession for 100,000 acres in Indonesia.
Exterra Energy Inc. is in talks to hire an investment banker to help with merger negotiations. The Amarillo, Texas-based company is looking to combine with an oil and gas explorer and producer. Chairman Robert Royal said in a press release, “This candidate would also further enhance Exterra with industry management, technical and field professionals with proven expertise that will enhance shareholder value.” Exterra Energy is seeking a deal that would enable it to qualify to list its shares on the NYSE/AMEX Stock exchange. It currently trades on the OTC Bulletin Boards.