VAALCO Energy Receives Continued Listing Standard Notice From NYSE
June 30 2017 - 6:27PM
VAALCO Energy, Inc. (NYSE:EGY) announced today that it had received
notification on June 28, 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.
Forward Looking Statements
This news release includes "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. 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 and 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
regulatory and 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.
Investor Contact
Phil Patman 713-623-0801
Vaalco Energy (NYSE:EGY)
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