Spartan Oil receives unsolicited takeover bid; name of suitor not disclosed

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CALGARY - Spartan Oil Corp. TSX:STO) says it has received an unsolicited takeover offer.

No other details on the offer have been released, including either the price or the name of the suitor.

Calgary-based Spartan says only that it will consider the bid in consultation with its legal, financial and strategic advisers.

Spartan is active the Cardium light oil play in central Alberta and the Bakken light oil resource play in southeast Saskatchewan.

The company has a market cap of just under $367 million based on Friday's closing share price of $4.40.

Geographic location: CALGARY, Alberta, Saskatchewan

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