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Equity hires Petrie Parkman to offer 'strategic' advice

Salt Lake-based Equity Oil Co. said Friday it has retained Petrie Parkman & Co. to assist in "evaluating strategic alternatives," including a potential merger or sale.

Equity said there can be no assurance that a transaction will be entered into or completed as a result of this process.

Equity's operations are focused in California, Colorado, North Dakota and Wyoming.

The company's stock rose 52 cents, or more than 16 percent, Friday to close at $3.71 per share.