Eclipse Resources Addresses NYSE Listing Standard
February 26 2016 - 4:30PM
Business Wire
Eclipse Resources Corporation (NYSE: ECR) (the “Company” or
“Eclipse Resources”) today announced that the New York Stock
Exchange (the “NYSE”) has notified the Company that it has fallen
below the NYSE's continued listing standard relating to the price
of its common stock. The NYSE requires that the average closing
price of a listed company's common stock be no less than $1.00 per
share over a consecutive 30 trading-day period. As of February 26,
2016, the date of the NYSE notice, the 30 trading-day average
closing price of Eclipse Resources’ common stock was $0.93 per
share.
Benjamin W. Hulburt, Eclipse Resources’ Chairman, President and
CEO commented, “We do not believe that Eclipse Resources’ current
stock price, which is almost 80 percent insider held, is indicative
of the value of our Company. Eclipse Resources ended 2015 with
liquidity of $281 million, which includes $184 million in cash,
remaining well positioned to fund its operations.”
Under the NYSE's rules, Eclipse Resources has a period of six
months from the date of the NYSE notice to bring its share price
and 30 trading-day average share price back above $1.00. During
this period, Eclipse Resources’ common stock will continue to be
traded on the NYSE, subject to the Company's compliance with other
NYSE continued listing requirements. As required by the NYSE, in
order to maintain its listing, Eclipse Resources will notify the
NYSE, that it intends to cure the price deficiency to the extent it
becomes necessary.
About Eclipse Resources
Eclipse Resources is an independent exploration and production
Company engaged in the acquisition and development of oil and
natural gas properties in the Appalachian Basin, including the
Utica and Marcellus Shales. For more information, please visit the
Company’s website at www.eclipseresources.com.
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”) and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). All
statements, other than statements of historical fact included in
this press release, regarding Eclipse Resources’ strategy, future
operations, financial position, estimated revenues and
income/losses, projected costs and capital expenditures, prospects,
plans and objectives of management are forward-looking statements.
When used in this press release, the words “plan,” “endeavor,”
“will,” “would,” “could,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on Eclipse Resources’ current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. When considering forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements described under the heading “Risk Factors” in Eclipse
Resources’ Annual Report on Form 10-K filed with the Securities
Exchange Commission on March 9, 2015 (the “2014 Annual Report”),
and in “Item 1A. Risk Factors” of Eclipse Resources’ Quarterly
Reports on Form 10-Q.
Forward-looking statements may include statements about Eclipse
Resources’ financial condition; business strategy; reserves;
general economic conditions; financial strategy, liquidity and
capital required for developing its properties and timing related
thereto; realized natural gas, NGLs and oil prices; timing and
amount of future production of natural gas, NGLs and oil; its
hedging strategy and results; future drilling plans; competition
and government regulations, including those related to hydraulic
fracturing; the anticipated benefits under its commercial
agreements; pending legal matters relating to its leases; marketing
of natural gas, NGLs and oil; leasehold and business acquisitions;
the costs, terms and availability of gathering, processing,
fractionation and other midstream services; general economic
conditions; credit markets; uncertainty regarding its future
operating results, including initial production rates and liquid
yields in its type curve areas; and plans, objectives, expectations
and intentions contained in this press release that are not
historical.
Eclipse Resources cautions you that these forward-looking
statements are subject to all of the risks and uncertainties, most
of which are difficult to predict and many of which are beyond its
control, incident to the exploration for and development,
production, gathering and sale of natural gas, NGLs and oil. These
risks include, but are not limited to; legal and environmental
risks, drilling and other operating risks, regulatory changes,
commodity price volatility and the recent significant decline of
the price of natural gas, NGLs, and oil, inflation, lack of
availability of drilling, production and processing equipment and
services, counterparty credit risk, the uncertainty inherent in
estimating natural gas, NGLs and oil reserves and in projecting
future rates of production, cash flow and access to capital, the
timing of development expenditures, and the other risks described
under the heading “Risk Factors” in the 2014 Annual Report and in
“Item 1A. Risk Factors” of Eclipse Resources’ Quarterly Reports on
Form 10-Q. Reserve engineering is a process of estimating
underground accumulations of natural gas, NGLs and oil that cannot
be measured in an exact way. The accuracy of any reserve estimate
depends on the quality of available data, the interpretation of
such data and price and cost assumptions made by reserve engineers.
In addition, the results of drilling, testing and production
activities may justify revisions of estimates that were made
previously. If significant, such revisions could change the
schedule of any further production and development drilling.
Accordingly, reserve estimates may differ significantly from the
quantities of natural gas, NGLs and oil that are ultimately
recovered.
All forward-looking statements, expressed or implied, included
in this press release are expressly qualified in their entirety by
this cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that Eclipse Resources or persons acting
on the Company’s behalf may issue.
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version on businesswire.com: http://www.businesswire.com/news/home/20160226006070/en/
Eclipse Resources CorporationDouglas Kris, 814-325-2059Vice
President: Investor Relationsdkris@eclipseresources.com
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