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New Concept Energy +30% on asset sale rumors

Apr. 25, 2014 4:56 PM ETNew Concept Energy, Inc. (GBR) StockBy: Carl Surran, SA News Editor2 Comments
  • New Concept Energy (NYSE:GBR) surged 30% today, reaching a two-year high, on market speculation that a larger rival may be interested in buying some of its natural gas properties in the Utica shale formation in West Virginia.
  • GBR shares raced as high as $3.28 before closing at $2.40, as online chat boards suggested the likely suitors could be either Chevron (CVX) or Marathon Oil (MRO).
  • Volume reached 2.57M shares, or ~107x the daily average of 24,052 shares over the past three months; GBR issued a statement that the company's policy is not to comment on unusual market activity.

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