Shares of Tellurian (NYSEMKT: TELL) were up 33.5% as of 3:15 p.m. ET Tuesday after the natural gas company announced plans to potentially divest its upstream business.

In a press release this morning, Tellurian announced that it has engaged its financial advisor, Lazard, to "explore opportunities for the sale of Tellurian's upstream business."

This news is music to shareholders' ears, of course, as worries persist surrounding the very real possibility Tellurian could descend into bankruptcy. Recall the company issued a "going concern" warning last November, indicating its cash reserves wouldn't be sufficient to cover obligations and fund working capital needs for the next year.

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Source Fool.com