Pengrowth Receives Continued Listing Standard Notification From the New York Stock Exchange
December 01 2017 - 6:18PM
Pengrowth Energy Corporation (NYSE:PGH) (TSX:PGF) today announced
that it received notification on December 1, 2017 from the New York
Stock Exchange (NYSE) that Pengrowth is no longer in compliance
with one of the NYSE’s continued listing standards resulting from
the average closing price of Pengrowth’s common stock being less
than US $1.00 per share over a consecutive 30 trading-day period.
Non-compliance with the NYSE's price listing
standard does not affect Pengrowth’s business operations nor does
it breach or cause an event of default under any of Pengrowth’s
agreements with its lenders. Pengrowth continues to be in
compliance with the terms of all of those agreements. In
addition, non-compliance with the NYSE minimum share price listing
standard does not affect the continued listing and trading of
Pengrowth’s common shares on the Toronto Stock Exchange.
Under the NYSE's rules, Pengrowth has a period
of six months from the date of the NYSE notification to regain
compliance with the NYSE's price listing standard. Pengrowth
can regain compliance if, during the applicable cure period
following receipt of the NYSE notification, on the last trading day
of any calendar month, Pengrowth’s common stock has a closing price
of at least US $1.00 per share and a 30 trading-day average closing
price of at least US $1.00 per share. Pengrowth common stock
closed at a price of US $0.85 on November 30, 2017 on the NYSE.
Pengrowth intends to notify the NYSE of its intent to cure this
price deficiency and return to compliance with the NYSE's price
listing standard prior to the expiration of the applicable cure
period.
Pengrowth’s common stock will continue to be
listed and traded on the NYSE during the applicable cure period
under the symbol "PGH", but the NYSE will assign a ".BC" indicator
to the symbol to denote that Pengrowth is below the NYSE's price
listing standard. This indicator will be removed at such time
as Pengrowth is deemed compliant with the NYSE's price listing
standard.
About Pengrowth: Pengrowth
Energy Corporation is a Canadian intermediate energy company
focused on the sustainable development and production of oil and
natural gas in Western Canada from its Lindbergh thermal oil
property and its Groundbirch Montney gas property. The Company is
headquartered in Calgary, Alberta, Canada and has been operating in
the Western Canadian Sedimentary Basin for over 28 years. The
Company’s shares trade on both the Toronto Stock Exchange under the
symbol "PGF" and on the New York Stock Exchange under the symbol
"PGH".
PENGROWTH ENERGY CORPORATIONDerek Evans
President and Chief Executive Officer
Contact information:
Wassem KhalilManager, Investor Relations Toll
free 1-855-336-8814
For further information about Pengrowth, please
visit our website www.pengrowth.com or contact: Investor Relations,
E-mail: investorrelations@pengrowth.com
Advisories:
Caution Regarding Forward Looking
Information:
In the interest of providing our shareholders
and potential investors with information regarding us, including
management’s assessment of our future plans and operations, certain
statements in this press release are forward-looking statements
within the meaning of securities laws, including the "safe harbour"
provisions of the Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995.
Forward-looking information is often, but not always, identified by
the use of words such as "anticipate", "believe", "expect", "plan",
"intend", "forecast", "target", "project", "guidance", "may",
"will", "should", "could", "estimate", "predict" or similar words
suggesting future outcomes or language suggesting an outlook.
Forward-looking statements in this press release include, but are
not limited to; Non-compliance with the NYSE’s price listing
standard not affecting Pengrowth’s business operations and does not
breach or cause an event of default under any of Pengrowth’s
agreements with its lenders, Pengrowth’s continued compliance with
the terms of all of those agreements, Pengrowth’s ability to regain
compliance with the NYSE's price listing standard within the
applicable cure period, Pengrowth’s intention to notify the NYSE
that it intends to cure this price deficiency and return to
compliance with the NYSE's price listing standard prior to the
expiration of the applicable cure period, and the continued listing
and trading of Pengrowth’s common shares on the TSX.
Forward-looking statements and information are
based on current beliefs as well as assumptions made by and
information currently available to Pengrowth concerning anticipated
financial performance, business prospects, strategies and
regulatory developments. Although management considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect.
By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks that predictions, forecasts, projections and
other forward-looking statements will not be achieved. We caution
readers not to place undue reliance on these statements as a number
of important factors could cause the actual results to differ
materially from the beliefs, plans, objectives, expectations and
anticipations, estimates and intentions expressed in such
forward-looking statements. These factors include, but are not
limited to: changes in general economic, market and business
conditions; the volatility of oil and gas prices; fluctuations in
production and development costs and capital expenditures; the
imprecision of reserve estimates and estimates of recoverable
quantities of oil, natural gas and liquids; Pengrowth's ability to
replace and expand oil and gas reserves; geological, technical,
drilling and processing problems and other difficulties in
producing reserves; environmental claims and liabilities; incorrect
assessments of value when making acquisitions; increases in debt
service charges; the loss of key personnel; the marketability of
production; defaults by third party operators; unforeseen title
defects; fluctuations in foreign currency and exchange rates;
fluctuations in interest rates; inadequate insurance coverage;
compliance with environmental laws and regulations; actions by
governmental or regulatory agencies, including changes in tax laws;
Pengrowth's ability to access external sources of debt and equity
capital; the impact of foreign and domestic government programs and
the occurrence of unexpected events involved in the operation and
development of oil and gas properties. Further information
regarding these factors may be found under the heading "Business
Risks" in our most recent management's discussion and analysis and
under "Risk Factors" in our Annual Information Form dated February
28, 2017.
The foregoing list of factors that may affect
future results is not exhaustive. When relying on our
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. Furthermore, the
forward-looking statements contained in this press release are made
as of the date of this press release, and Pengrowth does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable laws.