Bonanza Creek Energy Receives Continued Listing Standard Notice from the NYSE; Elects to Pay Interest on Its Senior Unsecure...
August 29 2016 - 4:15PM
Bonanza Creek Energy, Inc. (NYSE:BCEI) (“ the Company”) announces
that it has been notified by The New York Stock Exchange (“NYSE”)
that it is no longer in compliance with certain continued listing
standards that are applicable to the Company. The Company’s 30-day
average closing share price as of August 22, 2016 was $0.98, in
violation of the listing standard set forth in Section 802.01C of
the NYSE Listed Company Manual, requiring the trailing 30-day
average closing share price to remain above $1.00.
As outlined in Section 802.01C of the NYSE Listed Company
Manual, upon receiving notice, the Company has a six month cure
period to regain compliance. Within this cure period, the Company
must have a closing share price above $1.00 on the last trading day
of a given month or at the end of the cure period. In addition, the
Company’s coinciding trailing 30-day average closing share price
must also be above $1.00.
The Company will notify the NYSE of its intention to regain
compliance within the six month cure period. During the cure
period, the Company’s stock will continue to be listed on the NYSE,
subject to its ability to remain in compliance with other continued
listing standards. The notice received from the NYSE does not
affect the ongoing business of the Company, nor does it trigger any
violations of its secured or unsecured debt.
In a separate matter, the Company has elected to pay interest on
its senior unsecured notes due 2023. Interest on these notes was
due on August 1, 2016, at which time the Company elected to not
make the interest payment and enter into a 30-day grace period. By
paying the interest within the 30-day grace period, the Company
remains in compliance with its senior unsecured notes due 2023.
About Bonanza Creek Energy, Inc.
Bonanza Creek Energy, Inc. is an independent oil and natural gas
company engaged in the acquisition, exploration, development and
production of onshore oil and associated liquids-rich natural gas
in the United States. The Company’s assets and operations are
concentrated primarily in the Rocky Mountains in the Wattenberg
Field, focused on the Niobrara and Codell formations, and in
southern Arkansas, focused on oily Cotton Valley sands. The
Company’s common shares are listed for trading on the NYSE under
the symbol: “BCEI.” For more information about the Company, please
visit www.bonanzacrk.com. Please note that the Company routinely
posts important information about the Company under the Investor
Relations section of its website.
For further information please contact:
James R. Edwards
Director – Investor Relations
jedwards@bonanzacrk.com
720-440-6136
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