Forest Oil Receives Continued Listing Standards Notice from the NYSE
December 09 2014 - 5:48AM
Business Wire
Forest Oil Corporation (NYSE:FST) (“Forest” or the “Company”)
reported today that the New York Stock Exchange (“NYSE”) notified
the Company on November 5, 2014 that it has not met the NYSE's
continued listing standard that requires a minimum average closing
price of $1.00 per share over 30 consecutive trading days.
Under NYSE rules, Forest has six months following receipt of the
notification to regain compliance with the minimum share price
requirement. The Company can regain compliance at any time during
the six-month cure period if the Company’s common stock has a
closing share price of at least $1.00 on the last trading day of
any calendar month during the period and also has an average
closing share price of at least $1.00 over the 30-trading day
period ending on the last trading day of that month or on the last
day of the cure period.
The NYSE notification does not affect Forest's
business operations or its Securities and Exchange Commission
reporting requirements, and does not conflict with any of the
company's credit agreements or debt and other obligations. The
notice has no immediate impact on the listing of the Company’s
common stock, which will continue to trade on NYSE under the symbol
“FST”. Forest previously announced that it intends to undertake a
reverse stock split following completion of its combination
transaction with Sabine Oil & Gas LLC in order to increase the
trading price of the Company’s common shares. Forest intends to
formally notify the NYSE promptly of its intent to take steps to
cure the deficiency and to return to compliance with this continued
listing standard.
Forest Oil Corporation is engaged in the acquisition,
production, exploration, and development of natural gas and liquids
in the United States. Forest’s principal reserves and producing
properties are located in East Texas, the Eagle Ford in South
Texas, Arkansas, and Louisiana. Forest’s common stock trades on the
New York Stock Exchange under the symbol FST. For more information
about Forest Oil, please visit its website at http://www.forestoil.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements concerning the
proposed transactions, its financial and business impact,
management’s beliefs and objectives with respect thereto, and
management’s current expectations for future operating and
financial performance, based on assumptions currently believed to
be valid. Forward-looking statements are all statements other
than statements of historical facts. The words “anticipates,”
“may,” “can,” “plans,” “believes,” “estimates,” “expects,”
“projects,” “intends,” “likely,” “will,” “should,” “to be,” and any
similar expressions or other words of similar meaning are intended
to identify those assertions as forward-looking statements. It
is uncertain whether the events anticipated will transpire, or if
they do occur what impact they will have on the results of
operations and financial condition of Forest Oil Corporation or
Sabine Oil & Gas LLC. These forward-looking statements
involve significant risks and uncertainties that could cause actual
results to differ materially from those anticipated, including but
not limited to the ability of the parties to satisfy the conditions
precedent and consummate the proposed transactions, the timing of
consummation of the proposed transactions, the ability of the
parties to secure regulatory approvals in a timely manner or on the
terms desired or anticipated, the ability of Forest Oil Corporation
to integrate the acquired operations, the ability to implement the
anticipated business plans following closing and achieve
anticipated benefits and savings, and the ability to realize
opportunities for growth. Other important economic, political,
regulatory, legal, technological, competitive and other
uncertainties are identified in the documents filed with the SEC by
Forest Oil Corporation from time to time, including Forest Oil
Corporation’s Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, and Current Reports on Form 8-K, including amendments to
the foregoing. For additional information on the risks and
uncertainties that could impact Sabine Oil & Gas LLC’s business
and operations, as well as risks related to the transactions,
please see the definitive proxy statement filed by Forest Oil
Corporation. The forward-looking statements included in this
document are made only as of the date hereof. Neither Forest
Oil Corporation nor Sabine Oil & Gas LLC undertakes any
obligation to update the forward-looking statements included in
this document to reflect subsequent events or circumstances.
FOR INVESTORSForest Oil CorporationLarry C. Busnardo,
303-812-1441VP – Investor Relations
FAST Acquisition (NYSE:FST)
Historical Stock Chart
From Jun 2024 to Jul 2024
FAST Acquisition (NYSE:FST)
Historical Stock Chart
From Jul 2023 to Jul 2024