PetroQuest Energy Receives Continued Listing Standard Notice From NYSE
June 16 2017 - 4:01PM
PetroQuest Energy, Inc. (the “Company”) (NYSE:PQ) announced that it
received notice from NYSE Regulation that it is not in compliance
with the continued listing standards set forth in Section 802.01B
of the Listed Company Manual of the New York Stock Exchange, Inc.
(the “NYSE”) because the Company’s average global 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. As
required by the NYSE, the Company will notify the NYSE within ten
business days of its intent to cure the deficiency and return to
compliance with the NYSE continued listing requirements.
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 how it intends to regain compliance
with the continued listing standards set forth in Section 802.01B
of the Listed Company Manual. The Company intends to develop
and submit such a business plan within the required time frame and
will continue to work with the NYSE to attempt to comply with all
continued listing standards. Assuming that 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, subject to the Company’s
compliance with other NYSE continued listing requirements.
If the Company’s common stock ultimately were to
be delisted for any reason, it could negatively impact the Company
by (i) reducing the liquidity and market price of the Company’s
common stock; (ii) reducing the number of investors willing to hold
or acquire the Company’s common stock, which could negatively
impact the Company’s ability to raise equity financing; (iii)
limiting the Company’s ability to use a registration statement to
offer and sell freely tradable securities, thereby preventing the
Company from accessing the public capital markets; and
(iv) impairing the Company’s ability to provide equity
incentives to its employees.
About the CompanyPetroQuest
Energy, Inc. is an independent energy company engaged in the
exploration, development, acquisition and production of oil and
natural gas reserves in Texas, Louisiana and the shallow waters of
the Gulf of Mexico. PetroQuest’s common stock trades on the
New York Stock Exchange under the ticker PQ.
Forward-Looking Statements
This news release contains "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact included in this news release are forward-looking
statements. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, these
statements are based upon assumptions and anticipated results that
are subject to numerous uncertainties and risks. Actual results may
vary significantly from those anticipated due to many factors,
including the volatility of oil and natural gas prices and
significantly depressed oil prices since the end of 2014; our
indebtedness and the significant amount of cash required to service
our indebtedness; our estimate of the sufficiency of our existing
capital sources, including availability under our new multi-draw
term loan facility; our ability to post additional collateral to
satisfy our offshore decommissioning obligations; our ability to
execute our 2017 drilling and recompletion program as planned and
to increase our production; our ability to hedge future production
to reduce our exposure to price volatility in the current commodity
pricing market; our ability to find, develop and produce oil and
natural gas reserves that are economically recoverable and to
replace reserves and sustain and/or increase production; ceiling
test write-downs resulting, and that could result in the future,
from lower oil and natural gas prices; our ability to raise
additional capital to fund cash requirements for future operations;
limits on our growth and our ability to finance our operations,
fund our capital needs and respond to changing conditions imposed
by our multi-draw term loan facility and restrictive debt
covenants; more than 50% of our production being exposed to the
additional risk of severe weather, including hurricanes, tropical
storms and flooding, and natural disasters; losses and liabilities
from uninsured or underinsured drilling and operating activities;
changes in laws and governmental regulations as they relate to our
operations; the operating hazards attendant to the oil and gas
business; the volatility of our stock price; and our ability to
meet the continued listing standards of the New York Stock Exchange
with respect to our common stock or to cure any deficiency with
respect thereto. In particular, careful consideration should be
given to cautionary statements made in the various reports the
Company has filed with the SEC. The Company undertakes no duty to
update or revise these forward-looking statements.
Click here for more information:
“http://www.petroquest.com/news.html?=BizID=1690&1=1”
For further information, contact:
Matt Quantz, Manager - Corporate Communications
(337) 232-7028, www.petroquest.com