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Vecta Energy Drops 65% After Scratching Talks on Bakken JV, Starts Strategic Review

Vecta Energy (VER.V) is down 65%, with shares tumbling 6.5 cents to now trade at 3.5 cents each after saying it has begun a review of strategic alternatives available to the firm, including the sale of some or all of its current assets, a farm-out or joint venture or possibly a merger or some other form of business combination in order to maximize shareholder value.

The move follows Vecta announcing Tuesday that it had terminated negotiations with Vecta Oil & Gas for a joint venture in north central Montana to develop a light oil resource play in the Bakken shale. As recently as Aug. 15, the two companies had said they were near a deal to revise the original joint venture contract to better reflect their respective strategies.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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