VAALCO Energy Receives Continued Listing Standard Notice From NYSE
April 10 2017 - 6:45AM
VAALCO Energy, Inc. (NYSE:EGY) announced today that it had received
notification on April 6, 2017, from the New York Stock Exchange
(“NYSE”) that the price of the Company’s common stock has fallen
below the NYSE’s continued listing standard. The NYSE
requires that the average closing price of a listed company’s
common stock not be less than $1.00 per share for a period of over
30 consecutive trading days.
Under NYSE rules, the Company can avoid
delisting if, during the six-month period following receipt of the
NYSE notice and on the last trading day of any calendar month, the
Company’s common stock price per share and 30 trading-day average
share price is at least $1.00. During this period, the
Company’s common stock will continue to be traded on the NYSE,
subject to compliance with other continued listing
requirements.
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.
The Company will be notifying the NYSE of its
intent to regain compliance with the NYSE continued listing
standards within the six-month period. 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, 2016,
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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