WSJ: Oil And Gas Producer Penn Virginia Looking To Sell Itself
Feb 26 (Reuters) - Oil and gas producer Penn Virginia Corp is considering selling itself, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
The company's shares rose as much as 15 percent in morning trading.
Radnor, Pennsylvania-based Penn Virginia has been working with Bank of America Corp to search for potential buyers, the Journal said. (http://on.wsj.com/1BgApH5)
Penn Virginia, which has a market capitalization of about $445 million as of Wednesday's close, according to Thomson Reuters data, was not immediately available for comment.
The company's biggest shareholder, investment firm Soros Fund Management LLC, had suggested in June that Penn Virginia sell itself to maximize shareholder value. (http://1.usa.gov/1iGwAn9)
The company reported a bigger-than-expected quarterly loss on Wednesday, hurt mainly by a drop in oil prices.
Crude oil prices, which fell to more than six-year lows last month, have nearly halved since June, hurt by a supply glut and weak demand.
The company's shares were up about 10.5 percent at $6.85 on the New York Stock Exchange on Thursday. Up to Wednesday's close, the stock had fallen more than 62 percent in the past nine months.
(Reporting By Manya Venkatesh in Bengaluru; Editing by Simon Jennings)
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