Delta Petroleum Corp., the money-losing U.S. oil and gas producer whose largest shareholder is billionaire Kirk Kerkorian, rose 10 percent on takeover speculation, an analyst said.
Delta, based in Denver, rose 13 cents to $1.41 Friday on the Nasdaq Stock Exchange after touching $1.42. Before Friday, the stock had risen 41 percent since Nov. 30, when the company hired Morgan Stanley and Evercore Partners Inc. to explore strategic alternatives, including a possible sale of the company.
Delta suspended well completions in the gas-rich Piceance Basin of western Colorado in August.
The shares are rising on speculation that Denver-based Bill Barrett Corp. and Continental Resources Inc. may bid on some or all of the company, said analyst Jack Aydin.
“We actively look at assets that are for sale in the Rocky Mountain region,” Jennifer Martin, director of investor relations for Bill Barrett Corp., said Friday.
