PRECISION DRILLING ANNOUNCES RECEIPT OF CONTINUED LISTING STANDARD NOTICE FROM NYSE
March 25 2020 - 5:30PM
Precision Drilling Corporation (“Precision” or “the Company”)
(TSX:PD; NYSE:PDS) announces that on March 24 it received formal
notice of non-compliance with the New York Stock Exchange (the
“NYSE”) share price continued listing standards, which require a
listed common stock to maintain a minimum average closing price of
US$1.00 per share for 30 consecutive trading days.
Precision intends to respond to the NYSE with
its objective to satisfy all specified requirements to cure the
deficiency. In accordance with NYSE's rules, the Company has a
six-month timeframe from the date of the notice to bring its share
price and 30 trading-day average share price above US$1.00 and
regain compliance. This can be achieved if Precision’s closing
price reaches at least US$1.00 per ordinary share on the last
trading day of any calendar month during the six month cure period
and an average closing price of at least US$1.00 per common share
over the 30 trading-day period ending on the last trading day of
that month.
Precision’s common shares will continue to be
listed and traded on the NYSE during the cure period outlined
above, subject to the Company's compliance with other continued
listing requirements. The Company’s common shares will also
continue to trade on the Toronto Stock Exchange under the symbol
“PD” and that listing is not affected by the receipt of the NYSE
notification.
The Company is considering all available options
to regain compliance with the NYSE's continued listing standards,
which may include a reverse stock split, subject to approval of the
company's shareholders. Failure to satisfy the conditions of the
cure period or to maintain other listing requirements could lead to
a delisting from the NYSE only.
The current non-compliance notice from the NYSE
does not indicate or affect Precision's operations, debt
obligations or any associated reporting requirements.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION AND STATEMENTS
Certain statements contained in this report,
including statements that contain words such as "could", "should",
"can", "anticipate", "estimate", "intend", "plan", "expect",
"believe", "will", "may", "continue", "project", "potential" and
similar expressions and statements relating to matters that are not
historical facts constitute "forward-looking information" within
the meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
information and statements"). In particular, this document contains
forward-looking information and statements pertaining to, the
Company’s intent to respond to the NYSE with its object to cure the
deficiency; and potential for a reverse stock split.
Undue reliance should not be placed on
forward-looking information and statements. Whether actual results,
performance or achievements will conform to our expectations and
predictions is subject to a number of known and unknown risks and
uncertainties which could cause actual results to differ materially
from our expectations. Such risks and uncertainties include, but
are not limited to:
- volatility in the price and demand for oil and natural
gas;
- fluctuations in the demand for contract drilling, well
servicing and ancillary oilfield services;
- our customers’ inability to obtain adequate credit or financing
to support their drilling and production activity;
- changes in drilling and well servicing technology which could
reduce demand for certain rigs or put us at a competitive
disadvantage;
- shortages, delays and interruptions in the delivery of
equipment supplies and other key inputs;
- the effects of seasonal and weather conditions on operations
and facilities;
- the availability of qualified personnel and management;
- a decline in our safety performance which could result in lower
demand for our services;
- changes in environmental laws and regulations such as increased
regulation of hydraulic fracturing or restrictions on the burning
of fossil fuels and greenhouse gas emissions, which could have an
adverse impact on the demand for oil and gas;
- terrorism, social, civil and political unrest in the foreign
jurisdictions where we operate;
- fluctuations in foreign exchange, interest rates and tax rates;
and
- other unforeseen conditions which could impact the use of
services supplied by Precision and Precision’s ability to respond
to such conditions.
Readers are cautioned that the forgoing list of
risk factors is not exhaustive. Additional information on these and
other factors that could affect our business, operations or
financial results are included in reports on file with applicable
securities regulatory authorities, including but not limited to
Precision’s Annual Information Form for the year ended December 31,
2019, which may be accessed on Precision’s SEDAR profile at
www.sedar.com or under Precision’s EDGAR profile at www.sec.gov.
The forward-looking information and statements contained in this
news release are made as of the date hereof and Precision
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, except as required by
law.
About PrecisionPrecision is a leading provider
of safe and High Performance, High Value services to the oil and
gas industry. Precision provides customers with access to an
extensive fleet of Super Series drilling rigs supported by an
industry leading technology platform that offers innovative
drilling solutions to deliver efficient, predictable and repeatable
results through service differentiation. Precision also offers well
service rigs, camps and rental equipment and directional drilling
services, all backed by a comprehensive mix of technical support
services and skilled, experienced personnel. Precision is
headquartered in Calgary, Alberta, Canada. Precision is listed on
the Toronto Stock Exchange under the trading symbol “PD” and on the
New York Stock Exchange under the trading symbol “PDS”.
For further information, please contact:
Carey Ford, CFASenior Vice President and Chief
Financial Officer713.435.6136Dustin Honing, CPAManager, Investor
Relations and Corporate Development403.716.4515Precision Drilling
Corporation800, 525 - 8th Avenue S.W.Calgary, Alberta, Canada T2P
1G1Website: www.precisiondrilling.com
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