DENVER, March 27, 2017 /PRNewswire/ -- Triangle
Petroleum Corporation ("Triangle" or the "Company") announced
today that the Company received a notice from the NYSE MKT LLC (the
"NYSE MKT") that the NYSE MKT has determined to commence
proceedings to delist the common stock of the Company -- ticker
symbol TPLM -- from the NYSE MKT. Trading in the Company's common
stock was suspended at the market opening on March 27, 2017.
The NYSE MKT has indicated that it will begin delisting
proceedings pursuant to Section 1002(c) of the NYSE MKT Company
Guide following the Company's disclosure on March 24, 2017 of the
effectiveness of the Chapter 11 plan of reorganization for Triangle
USA Petroleum Corporation, the Company's former wholly-owned
subsidiary.
The Company has a right to a review of the NYSE MKT's delisting
determination; however, the Company does not intend to appeal the
determination. Therefore, it is expected that the NYSE MKT will
apply to the Securities and Exchange Commission to delist the
Company's common stock upon completion of all applicable procedures
and that the common stock will be delisted from the NYSE MKT upon
the completion of such procedures.
As a result of the delisting notice, the Company's common stock
is expected to begin trading on the OTC Pink marketplace. The
Company can provide no assurance that its common stock will
continue to trade on this marketplace, whether broker-dealers will
continue to agree to provide public quotes of the Company's common
stock on this marketplace, or whether the trading volume of the
Company's common stock will be sufficient to provide for an
efficient trading market.
About Triangle
Triangle is an independent energy company with a strategic focus
in the Williston Basin. For more information, visit Triangle's
website at www.trianglepetroleum.com.
Forward-Looking Statements Disclosure
The information presented in this press release may contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that Triangle
expects, believes or anticipates will or may occur in the future
are forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties that could cause actual results to
differ materially from the results contemplated by the
forward-looking statements. Factors that could cause actual results
to differ materially from the results contemplated by the
forward-looking statements include, but are not limited to, the
consequences of the delisting of the Company's common stock from
the NYSE MKT and other risks discussed in Triangle's Annual Report
on Form 10-K and its other filings with the Securities and Exchange
Commission. The forward-looking statements in this press release
are made as of the date of this press release, and Triangle
undertakes no obligation to update any forward-looking statement as
a result of new information, future developments, or otherwise.
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SOURCE Triangle Petroleum Corporation