Calvalley to evaluate DNO offer, shares jump

Fri Jul 6, 2012 2:23pm EDT
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(Reuters) - Canada's Calvalley Petroleum Inc CVIa.TO said it will evaluate Norwegian oil and gas producer DNO International ASA's (DNO.OL: Quote) C$216.8 million ($213.84 million) offer, but advised its shareholders not to take any action.

Shares of Calvalley rose as much as 79 percent to hit a year-high of C$2.58, above DNO's offer of C$2.30 per share.

DNO said on Thursday that it plans to bid for Calvalley to bolster its reserves in Yemen.

($1 = 1.0139 Canadian dollars)

(Reporting by Shounak Dasgupta in Bangalore; Editing by Don Sebastian)