Appalachian producer North Coast Energy said it has received several proposals from third parties interested in buying the company, but at prices lower than where its stock has been trading since its announcement in April that it was examining its strategic alternatives. North Coast shares (NCEB) fell nearly 11% on the news Tuesday morning to $12.12.

In April, Twinsburg, OH-based North Coast announced that it engaged Robert W. Baird & Co. to assist in examining a possible merger, strategic alliance or the outright sale of the company, actions North Coast believed might be the best way to enhance value for stockholders. Since the announcement, the company noted that the level of trading activity in its stock has been substantially above historical levels.

North Coast is an independent producer with about 174 Bcf of gas reserves and 1.3 million bbls of oil reserves in the Appalachian Basin. It also owns and operates 1,523 miles of Appalachian natural gas gathering systems with access to the commercial and industrial gas markets of the northeastern United States.

The company and its advisors are continuing to evaluate the proposals, and discussions with interested parties are ongoing. The proposals are subject to certain conditions, and there are no assurances that a definitive transaction will be consummated, North Coast said.

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