Ranger Oil Corp. is exploring a potential sale as the south Texas oil and gas producer looks to capitalize on high energy prices to pursue strategic options, people familiar with the matter said on Nov. 18.

Ranger is working with an adviser and has actively started marketing itself to potential buyers, the sources said, requesting anonymity as these discussions are confidential.

Shares in Ranger, which operates in the Eagle Ford Shale, jumped over 5% on Nov. 18 after Reuters reported the company’s sale efforts. This gave the company a market value of around $1.9 billion.

The company also holds long-term debt worth $603 million as of Sept. 30, according to its latest earnings statement.

Ranger Oil did not immediately respond to a request for comment.

Elevated oil and gas prices have encouraged many private equity-backed or public energy companies to consider selling themselves, as their valuations have swelled in recent months. Ranger had gained around 58% this year, prior to news of its sale efforts.

The Eagle Ford has witnessed a flurry of deal activity in recent months. Its proximity to other major energy hubs, including the U.S. Gulf coast, makes it an attractive location, while the basin is home to a number of smaller producers, which makes it easier for them to be absorbed by strategic players.

Marathon Oil Corp. struck a deal earlier this month to buy natural gas-focused assets from private equity-backed Ensign Natural Resources for $3 billion, while in September, Devon Energy Corp. closed its deal to buy Validus Energy for $1.8 billion.

Based on recent comparable transactions, Ranger Oil’s upstream assets are estimated to be worth between $2 billion and $2.2 billion, according to Dhriti Bafna, M&A analyst at Rystad Energy.

Last year, Penn Virginia Corp. bought Lonestar Resources US Inc. in an all-stock deal valued at $370 million, and later rebranded the combined company as Ranger Oil.

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