BNK Petroleum Inc. has started “a formal process to identify and evaluate strategic options,” including a possible sale or merger of the company.

The Camarillo oil and gas production company’s main asset is the Tishomingo oil field in Oklahoma, which covers 17,680 net acres. BNK operates 17 wells and has interests in five additional wells in the field. Full development of Tishomingo is expected to reach more than 185 wells, according to the company.

“The review of strategic options will focus on opportunities to achieve the lowest cost of capital associated with accelerating the development of the Tishomingo Project, and maximizing shareholder value,” the company said in a statement. “This may include a sale of assets, corporate sale or merger, joint venture, drilling fund, refinancing, recapitalization or other strategic actions that achieve the creation of additional value for shareholders. This review may result in no specific path being pursued, with the Company continuing its operations as they currently exist.”

A special committee of BNK’s board led by David Neuhauser, an independent director, will work with management and outside advisors on the review.

Shares of BNK (BNKPF) closed Monday up 1 cent, or 6 percent, to 20 cents on the over-the-counter market.