New Concept Energy +30% on asset sale rumors

|About: New Concept Energy, Inc. (GBR)|By:, SA News Editor

New Concept Energy (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.