Report: Radnor-based Penn Virginia might be sold

Penn Virginia Corp. shares soared Thursday after the Wall Street Journal reported that the embattled Radnor oil and gas producer is considering putting itself up for sale.

Penn Virginia, a former coal producer that turned its attention to oil and gas, has been under pressure from its biggest shareholder, the investment firm Soros Fund Management L.L.C., to sell itself to maximize shareholder value.

Hurt by falling oil prices, Penn Virginia reported disappointing quarterly earnings Wednesday that missed analysts' expectations. It reported an adjusted fourth-quarter loss of $25.4 million, or 35 cents per share. It reported sales of $101.4 million; $36.6 million less than analysts anticipated.

The Journal reported Thursday that the company has been working with Bank of America Corp. to search for potential buyers.

The story went unmentioned during the company's hour-long quarterly earnings call with investment analysts Thursday until the last question, when an analyst noted that if the story were untrue, the company probably would have clarified that.

"I am not going to comment," said H. Baird Whitehead, Penn Virginia's president. "It's our policy not to comment on these matters."

Penn Virginia shares closed Thursday at $6.87, up 67 cents or 10.8 percent.