Aug 26 (Reuters) - Virginia Hills Oil Corp VHO.V
* Virginia Hills Oil Corp. announces strategic alternatives process, second quarter of 2016 results and general operation update
* "North American oil and gas sector continues to be challenged by macro-economic supply and demand pressures on crude oil pricing"
* Virginia Hills Oil Corp says has engaged financial advisors to assist company evaluate, develop and recommend one or more strategic alternatives
* Initiated process to review strategic alternatives with view of maximizing value of significant slave point light oil resource base
* During Q2 of 2016, company's operations were affected by extremely wet surface conditions
* Qtrly petroleum and natural gas sales $6 million versus $8.3 million
* Qtrly FFO per share $0.03
* Qtrly production volumes for Q2 of 2016 averaged 1,293 boe/d (97% light oil and NGL's), representing a decline of 13%
* Virginia Hills Oil Corp says company's board has approved a $2.2 million capital program for remainder of 2016
* Says company anticipates production to average 1,420 boe/d for the year
* Says $11.0 million credit facility for company's wholly-owned subsidiary is scheduled for review within Q3 of 2016 Source text for Eikon: ID:nCNW04ZvBa Further company coverage: VHO.V