Gasco Energy Receives Notice of NYSE Amex Listing Deficiency
June 30 2009 - 4:15PM
PR Newswire (US)
DENVER, June 30 /PRNewswire-FirstCall/ -- Gasco Energy (NYSE Amex:
GSX) today announced that on June 25, 2009 it received notice of an
NYSE Amex listing deficiency with respect to stockholders' equity
requirements. The Company incorporates in this news release the
disclosure included in its filing on Form 8-K dated June 30, 2009.
On June 25, 2009, Gasco Energy, Inc. (the "Company") received a
notice from the NYSE Amex LLC ("NYSE Amex"), dated June 25, 2009,
informing the Company that it does not meet certain of the
continued listing standards of the NYSE Amex. Specifically, the
notice stated that the Company is not in compliance with Section
1003(a)(i) of the NYSE Amex Company Guide, with stockholders'
equity of less than $2,000,000 and net losses in two of its three
most recent fiscal years; and Section 1003(a)(ii) of the NYSE Amex
Company Guide, with stockholders' equity of less than $4,000,000
and net losses in three of its four most recent fiscal years. The
notice also stated that in order to maintain its listing, the
Company must submit a plan of compliance to the NYSE Amex by July
27, 2009 that addresses how the Company intends to regain
compliance with Sections 1003(a)(i) and 1003(a)(ii) of the NYSE
Amex Company Guide by December 27, 2010. The Company intends to
prepare and submit a plan within the required time frame. However,
there can be no assurance that NYSE Amex will accept the plan, or
if the plan is accepted, that the Company will be able to achieve
compliance with Sections 1003(a)(i) and 1003(a)(ii) of the NYSE
Amex Company Guide within the required time frame. If the Company
does not submit a plan by July 27, 2009, if the plan is not
accepted by NYSE Amex, or if the Company is not able to achieve
compliance with Sections 1003(a)(i) and 1003(a)(ii) of the NYSE
Amex Company Guide by December 27, 2010, the Company will be
subject to delisting procedures as set forth in the NYSE Amex
Company Guide. About Gasco Energy Denver-based Gasco Energy, Inc.
is natural gas and petroleum exploitation, development and
production company engaged in locating and developing hydrocarbon
resources, primarily in the Rocky Mountain region. 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 currently focuses its drilling efforts in the
Riverbend Project located in the Uinta Basin of northeastern Utah,
targeting the 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 press release relate to management's
future plans, objectives and expectations. Such statements are
forward-looking within the meanings 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 press release,
including, without limitation, statements regarding Gasco's future
financial position, potential resources, business strategy,
budgets, projected costs and plans and objectives of management for
future operations, are forward-looking statements. In addition,
forwardlooking statements generally can be identified by the use of
forward-looking terminology such as "may," "will," "expect,"
"intend," "project," "estimate," "anticipate," "believe," or
"continue" or the negative thereof or similar terminology. Although
any forward-looking statements contained in this press release are
to the knowledge or in the judgment of the officers and directors
of Gasco, believed to be reasonable, 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 known and unknown risks and uncertainties that
may cause Gasco's actual performance and financial results in
future periods to differ materially from any projection, estimate
or forecasted result. Some of the key factors that may cause actual
results to vary from those Gasco expects include inherent
uncertainties in interpreting engineering and reserve or production
data; operating hazards; delays or cancellations of drilling
operations because of weather and other natural and economic
forces; fluctuations in oil and natural gas prices in response to
changes in supply; competition from other companies with greater
resources; environmental and other government regulations; defects
in title to properties; increases in the Company's cost of
borrowing or inability or unavailability of capital resources to
fund capital expenditures; fluctuations in natural gas and oil
prices; pipeline constraints; overall demand for natural gas and
oil in the United States; changes in general economic conditions in
the United States; our ability to manage interest rate and
commodity price exposure; changes in the Company's borrowing
arrangements; the condition of credit and capital markets in the
United States; and other risks described under "Risk Factors" in
Item 1 of the Company's Annual Report on Form 10-K for the year
ended December 31, 2008 filed with the Securities and Exchange
Commission on March 4, 2009. Any of these factors could cause our
actual results to differ materially from the results implied by
these or any other forward-looking statements made by us or on our
behalf. We cannot assure you that our future results will meet our
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, or
persons acting on its behalf, are expressly qualified in their
entirety by these factors. Our 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. DATASOURCE: Gasco Energy,
Inc. CONTACT: Investor Relations for Gasco Energy, Inc,
+1-303-483-0044 Web Site: http://www.gascoenergy.com/
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