Houston Exploration has appointed Lehman Brothers to conduct a strategic review, possibly including a sale of the company, a week after receiving a $1.8bn (€1.4bn) unsolicited bid from hedge fund Jana Partners.

The review will also consider a recapitalisation of the company through share repurchases or a special dividend, operating partnerships, strategic alliances and a merger of the company. Houston said it had also appointed lawyers Akin Gump Strauss Hauer & Feld and Morris, Nichols, Arsht & Tunnell as legal advisers.