Open Range Surges After Spinoff of Service and Supply Business

Natural-gas explorer Open Range Energy Corp. (ONR) soared 31 percent after the spinoff of its service and supply business, Poseidon Concepts Corp., became effective.

Adjusted to reflect the spinoff, Open Range shares jumped 55 Canadian cents to C$2.31 after closing at a record yesterday. Open Range, based in Calgary, surged 40 percent on Sept. 6, the day it said it would form the new company.

Poseidon climbed to C$12.30 after opening at C$11.20.

To contact the reporter on this story: Matt Walcoff in Toronto at mwalcoff1@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.