Laredo Petroleum Receives Continued Listing Standard Notice From NYSE
March 27 2020 - 4:15PM
Laredo Petroleum, Inc., a Delaware corporation (NYSE: LPI)
("Laredo" or the "Company"), announced today that on March 26,
2020, it received formal notice from the New York Stock Exchange
("NYSE") that the average closing price of the Company's common
stock over the prior 30-consecutive trading day period was below
$1.00 per share, which is the minimum average share price for
continued listing on the NYSE.
Laredo intends to notify the NYSE of its intent to cure the
deficiency and return to compliance with the NYSE continued listing
requirements within the six-month cure period. During the cure
period, Laredo's shares of common stock will continue to trade on
the NYSE, subject to compliance with other continued listing
requirements.
The NYSE notification does not affect Laredo's ongoing business
operations or its Securities and Exchange Commission reporting
requirements, nor does it trigger any violation of its debt
obligations. Laredo is considering all available options to regain
compliance with the NYSE's continued listing standards, which may
include a reverse stock split, if appropriate.
About Laredo
Laredo Petroleum, Inc. is an independent energy company with
headquarters in Tulsa, Oklahoma. Laredo's business strategy is
focused on the acquisition, exploration and development of oil and
natural gas properties, primarily in the Permian Basin of West
Texas.
Additional information about Laredo may be found on its website
at www.laredopetro.com.
Forward-Looking Statements
This press release and any statements made regarding continued
New York Stock Exchange listing, including continued compliance,
means of regaining compliance, timing to do so, effect of a
continued listing notice or a delisting on operations or debt
obligations, contain forward-looking statements as defined under
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, that address
activities that Laredo assumes, plans, expects, believes, intends,
projects, indicates, enables, transforms, estimates or anticipates
(and other similar expressions) will, should or may occur in the
future, are forward-looking statements. The forward-looking
statements are based on management's current belief, based on
currently available information, as to the outcome and timing of
future events.
General risks relating to Laredo include, but are not limited
to, the decline in prices of oil, natural gas liquids and natural
gas and the related impact to financial statements as a result of
asset impairments and revisions to reserve estimates, long-term
performance of wells, drilling and operating risks, the increase in
service and supply costs, tariffs on steel, pipeline transportation
constraints in the Permian Basin, hedging activities, the outbreak
of disease, such as the COVID-19 pandemic, possible impacts of
litigation and regulations and other factors, including those
and other risks described in its Annual Report on Form 10-K for the
year ended December 31, 2019, and those set forth from time to time
in other filings with the Securities and Exchange Commission
("SEC"). These documents are available through Laredo's website at
www.laredopetro.com under the tab "Investor Relations" or through
the SEC's Electronic Data Gathering and Analysis Retrieval System
at www.sec.gov. Any of these factors could cause Laredo's actual
results and plans to differ materially from those in the
forward-looking statements. Therefore, Laredo can give no assurance
that its future results will be as estimated. Laredo does not
intend to, and disclaims any obligation to, update or revise any
forward-looking statement. Any forward-looking statement speaks
only as of the date on which such statement is made and the Company
undertakes no obligation to correct or update any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by applicable law.
Contact:
Ron Hagood: (918) 858-5504
- RHagood@laredopetro.com
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