New Concept Energy +30% on asset sale rumors


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.

Comments (2)
  • wigit5
    , contributor
    Comments (4365) | Send Message
     
    No companies policy is to comment on unusual market activity... so why issue a statement?
    25 Apr 2014, 04:57 PM Reply Like
  • losbronces
    , contributor
    Comments (1007) | Send Message
     
    My guess is that they issued the statement reaffirming their policy in response to all of the inquiries they were receiving. Press & shareholders were probably all over them in response to that kind of volume increase.
    25 Apr 2014, 05:37 PM Reply Like
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