Los Angeles-based Tracinda, the investment arm of billionaire investor Kirk Kerkorian, announced it will launch a cash tender offer for 14 million Delta Petroleum shares, in a move to boost its stake in the Denver-based oil and gas explorer to about 48.5 percent.

Tracinda, which currently owns 36.1 million Delta Pete shares, or a 35 percent stake, is offering $11 per share for the added 13.55 percent stake. That marks a nearly 21 percent premium to Delta Petroleum Corp.’s closing stock price Thursday.

Tracinda Corp. says it’s making the offer because it believesthere is “significant value in the oil and gas industry,” even amid current global market turmoil. Tracinda earlier this month lowered its stake in Ford Motor Co. and said it would invest in other industries such as casinos, hotels and oil and gas, where it sees more value.