Callon Petroleum Company (NYSE:CPE) is considering strategic options amid takeover interest from rival oil and gas players, people familiar with the matter said, as dealmaking accelerates in the US energy industry. The Houston-based company has been working with an adviser to study possibilities including a potential sale, said the people, who asked to not be identified because the information is private. Callon shares were up 5.4% at 2:36 p.m. in New York, giving the company a market value of about $2.3 billion.

The stock is down 10% for the year.