Midstates Petroleum Company MPO is working with Goldman Sachs and Morgan Stanley to solicit offers, according to Bloomberg.
Bloomberg's Mathew Monks wrote that Midstates Petroleum is said to explore a sale with the investment banks. The company currently has a market cap of roughly $429 million and an enterprise value of $2.1 million.
Shares of Midstates have been down more than 62 percent over the past two years. Following the announcement, the stock jumped as much as 14.71 percent from Thursday's close of $5.37.
Shares are currently trading around $6.13.
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