VAALCO Energy Receives Notice Regarding NYSE Listing Criteria
December 02 2016 - 6:45AM
VAALCO Energy, Inc. (NYSE:EGY) (“VAALCO” or the “Company”)
announced today that it had received notification on November 30,
2016, from the New York Stock Exchange (“NYSE”) that the Company's
market capitalization had fallen below the NYSE's continued listing
standard. VAALCO is considered below criteria established by
the NYSE because the Company’s average market capitalization fell
below $50 million over a trailing consecutive 30 trading-day period
and its last reported stockholders’ equity was less than $50
million.
In accordance with NYSE procedures, the Company
has 45 days from the receipt of the notice to submit a business
plan to the NYSE demonstrating the Company’s ability to regain
compliance with the NYSE’s continued listing standards within 18
months. VAALCO is actively working to develop and submit such
a business plan outlining the growth initiatives already underway
within the required time frame. Upon receipt of the plan, the
NYSE has 45 days to review and determine if the plan reasonably
demonstrates the Company's ability to regain compliance with the
minimum listing standards.
If the NYSE accepts the plan, the Company will
be subject to quarterly monitoring for compliance with the business
plan and the Company’s common stock will continue to trade on the
NYSE during the 18-month period, subject to the Company’s
compliance with other NYSE continued listing requirements.
The NYSE may choose to shorten the usual compliance period if prior
to the end of the 18 months the Company’s market capitalization is
over $50 million for two consecutive quarters.
The NYSE notification does not affect the
Company’s business operations or its SEC reporting requirements and
does not conflict with or cause an event of default under any of
the Company’s material debt or other agreements.
As previously announced, VAALCO’s common stock
trading price is also currently below the NYSE $1.00 per share
minimum price requirement. The Company is committed to
working with the NYSE to regain compliance and maintain the listing
of its common stock.
About VAALCO
VAALCO Energy, Inc. is a Houston-based
independent energy company principally engaged in the acquisition,
development and production of crude oil. The Company's properties
and acreage are located primarily in Gabon and Equatorial Guinea in
West Africa.
This news release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are those concerning VAALCO's plans,
expectations, and objectives for liquidity and capital resources,
future drilling, completion, workover and other operations and
activities. All statements, other than statements of historical
facts, included in this release that address activities, events or
developments that VAALCO expects, believes or anticipates will or
may occur in the future are forward-looking statements. These
statements may include expected capital expenditures, future
drilling plans, prospect evaluations, liquidity, negotiations with
governments and third parties, expectations regarding processing
facilities, and reserve growth. These statements are based on
assumptions made by VAALCO based on its experience, perception of
historical trends, current conditions, expected future developments
and other factors it believes are appropriate in the circumstances.
Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond VAALCO's control. These
risks include, but are not limited to oil and gas price volatility,
inflation, general economic conditions, the Company's success in
discovering, developing and producing reserves, lack of
availability of goods, services and capital, environmental risks,
drilling risks, foreign operational risks, and regulatory changes.
These and other risks are further described in VAALCO's annual
report on Form 10-K for the year ended December 31, 2015,
subsequent quarterly reports on Form 10-Q, and other reports filed
with the SEC. Investors are cautioned that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
in the forward-looking statements. VAALCO disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
For further information:
Investor Contact:
Elizabeth Prochnow 713-623-0801
Vaalco Energy (NYSE:EGY)
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