DENVER, April 2, 2013 /PRNewswire/ -- Gasco Energy,
Inc. (NYSE MKT: GSX) ("Gasco" or the "Company") today announced
that on March 27, 2013, the Company
received notice from the NYSE MKT LLC (the "Exchange") indicating
that after a careful review of the plan submitted by the Company to
regain compliance with the Exchange's continued listing standards
and publicly available information, the Exchange has determined
that the Company has not made a reasonable demonstration of its
ability to regain compliance with Section 1003(a)(iv) of the
Company Guide by June 30, 2013 and
that the Exchange intends to initiate delisting proceedings against
the Company by filing a delisting application with the Securities
and Exchange Commission pursuant to Section 1009(d) of the NYSE MKT
LLC Company Guide (the "Company Guide"). In the notice, the
Exchange also notified the Company that in accordance with Sections
1203 and 1009(d) of the Company Guide, the Company has a limited
right to appeal the Exchange's determination by requesting an oral
hearing or a hearing based on a written submission before the
Exchange's Listing Qualifications Panel (the "Panel").
The Company intends to appeal the Exchange's determination by
requesting an oral hearing before the Panel. However, there
can be no assurance that the Company will be successful in its
appeal and that the Company's request for continued listing will be
granted.
As previously disclosed in a Current Report on Form 8-K filed
December 12, 2012, the Company
received notice from the Exchange on December 6, 2012 indicating that the Company did
not satisfy the continued listing standards of the Exchange set
forth in Section 1003(f)(v) of the Company Guide because the
Company's common stock had traded at a low price per share for a
substantial period of time. In the notice, the Exchange
predicated the Company's continued listing on the Exchange on the
Company effecting a reverse stock split of its common stock by
June 6, 2013. Further, as
previously disclosed in a Current Report on Form 8-K filed
January 17, 2013, the Company
received notice from the Exchange on January
11, 2013 indicating that the Company did not satisfy the
continued listing standards of the Exchange set forth in Section
1003(a)(iv) of the Company Guide, which applies if a listed company
has sustained losses which are so substantial in relation to its
overall operations or its existing financial resources, or its
financial condition has become so impaired that it appears
questionable, in the opinion of the Exchange, as to whether such
company will be able to continue operations and/or meet its
obligations as they mature. In order to maintain its listing,
the Company was required to submit a plan of compliance (a "Plan")
addressing how it intended to regain compliance with Section
1003(a)(iv) of the Company Guide by June
30, 2013. The Company provided the Exchange with a
Plan on February 11, 2013.
About Gasco Energy
Denver-based Gasco Energy, Inc.
is a natural gas and petroleum exploitation, development and
production company engaged in locating and developing hydrocarbon
resources, primarily in the Rocky Mountain region and in
California's San Joaquin
Basin. Gasco's principal business is the acquisition of
leasehold interests in petroleum and natural gas rights, either
directly or indirectly, and the exploitation and development of
properties subject to these leases. Gasco focuses its
drilling efforts in the Riverbend Project located in the Uinta
Basin of northeastern Utah,
targeting the oil-bearing Green River Formation and the natural
gas-prone Wasatch, Mesaverde,
Blackhawk, Mancos, Dakota and Morrison formations. To learn more,
visit http://www.gascoenergy.com.
Forward-looking Statements
Certain statements set forth in this news release relate to
management's future plans, objectives and expectations. Such
statements are forward-looking 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 facts included in this news
release, including, without limitation, statements regarding the
Company's intention to appeal the Exchange's determination by
requesting an oral hearing before the Panel and whether the
Company's request for continued listing will be granted, are
forward-looking statements. These statements express, or are based
on, management's current expectations and forecasts about future
events.
Although any forward-looking statements contained in this news
release or otherwise expressed by the Company are to the knowledge
and in the judgment of management, believed to be reasonable when
made, there can be no assurances that any of these expectations
will prove correct or that any of the actions that are planned will
be taken. Forward-looking statements involve and may be
affected by inaccurate assumptions, and known and unknown risks and
uncertainties (some of which are beyond the Company's control),
that may cause the Company's actual actions, performance and
financial results in future periods to differ materially from any
expectation, projection, estimate or forecasted result. The
key factors that may cause actual actions or results to vary from
those the Company expects are described in (1) Part I, "Item
1A–Risk Factors," "Item 7–Management's Discussion and Analysis of
Financial Condition and Results of Operations," "Item
7A–Quantitative and Qualitative Disclosure About Market Risk" and
elsewhere in the Company's Annual Report on Form 10-K for the year
ended December 31, 2012 and (2) the
Company's other reports and registration statements filed from time
to time with the SEC.
Any of these factors could cause the Company's actual actions or
results to differ materially from those implied by these or any
other forward-looking statements made by the Company. The
Company cannot assure you that its future actions and results will
meet its expectations. When you consider these
forward-looking statements, you should keep in mind these
factors. All subsequent written and oral forward-looking
statements attributable to the Company are expressly qualified in
their entirety by these factors. The Company's
forward-looking statements speak only as of the date made.
The Company assumes no duty to update or revise its forward-looking
statements based on changes in internal estimates or expectations
or otherwise.
SOURCE Gasco Energy, Inc.