Edge Petroleum Mulls Sale

Shares rise more than 16%.
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Edge Petroleum's

(EPEX)

shares were rising 16.6% to $6.40 early Wednesday after the company said it has hired an adviser to help it examine its options.

Merrill Lynch will work with the Houston-based energy company's board on potential strategic alternatives that could include a merger or sale of the company.

Edge said there's no assurance the review will result in a change in its business plan. "Although we have no specific time frame to complete the review, both management and the board of directors have a sense of urgency about completing this process and increasing our shareholders' value," Edge said.