VAALCO Energy Announces Listing Plan Accepted by the NYSE and Stock Price Compliance
February 01 2017 - 4:30PM
VAALCO Energy, Inc. (NYSE:EGY) (“VAALCO” or the “Company”) today
announced that the New York Stock Exchange (the “NYSE”) has
accepted the Company’s plan of compliance for continued
listing. As a result, the Company’s common stock will
continue to be listed on the NYSE, subject to quarterly reviews by
the NYSE’s Listing and Compliance Committee to ensure the Company’s
progress toward its plan to restore compliance with the continued
listing standards. The plan extends for 18 months through
May, 2018, subject to reassessment. The Company had previously
received notification from the NYSE on November 30, 2016 that the
Company’s market capitalization had fallen below the NYSE’s
continued listing standard because the Company’s average market
capitalization fell below $50 million over a trailing 30
trading-day period and its last reported stockholders’ equity was
less than $50 million.
The NYSE had also notified VAALCO on August 9,
2016, that the Company had fallen below the NYSE continued listing
standard requiring that the average closing price of its common
stock be at least $1.00 per share over a consecutive 30 trading-day
period.
The Company’s stock price has remained above
$1.00 per share since December 14, 2016 and has regained compliance
with the $1.00 requirement as of January 31, 2017. While the
Company’s market capitalization has exceeded $50 million since
December 5, 2016, the Company understands that it must maintain a
market capitalization in excess of this requirement for at least
two consecutive quarters prior to being deemed in compliance.
If the market capitalization remains above $50 million on an
average basis for at least two consecutive quarters, then the NYSE
can consider the Company for an accelerated return to
compliance.
Cary Bounds, VAALCO’s Chief Executive Officer
commented, “We are confident that the strategy we have undertaken,
our operational successes and the improving commodity price
environment will enable us to continue to create value for our
shareholders. We remain focused on optimizing production,
while pursuing value adding growth opportunities that will sustain
VAALCO for 2017 and beyond.”
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.
This news release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
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, 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 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, 2015,
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.
For further information: Investor Contact
Elizabeth Prochnow 713-623-0801
Vaalco Energy (NYSE:EGY)
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