Attached files
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8-K - FORM 8-K - GOODRICH PETROLEUM CORP | d36378d8k.htm |
EX-99.2 - EX-99.2 - GOODRICH PETROLEUM CORP | d36378dex992.htm |
Exhibit 99.1
801 Louisiana, Suite 700
Houston, Texas 77002
Main: (713) 780-9494
Fax: (713) 780-9254
Contact:
Robert C. Turnham, President
Traded: NYSE (GDP)
FOR IMMEDIATE RELEASE
Goodrich Petroleum Corporation Receives Continued Listing Standard Notice from NYSE
HOUSTON, September 1, 2015 /PRNewswire/ Goodrich Petroleum Corporation (NYSE: GDP) (the Company) announced that on August 27, 2015, the New York Stock Exchange (the NYSE) notified the Company that it is not in compliance with the continued listing standards set forth in Sections 802.01B and 802.01C of the NYSE Listed Company Manual. Specifically, the NYSE notified the Company that the average closing price per share of the Companys common stock over the preceding 30 trading-day period had fallen below the minimum average closing price required by Section 802.01C of $1.00 per share over a consecutive 30 trading-day period. Additionally, the NYSE notified the Company that the Companys average market capitalization for the prior 30 trading-day period is below $50 million, and the Companys stockholders equity is less than $50 million, which are the NYSE minimum requirements under Section 802.01B. In compliance with NYSE procedures, the Company intends to notify the NYSE within ten business days of its intent to cure both deficiencies and return to compliance with the NYSE continued listing requirements.
Under Section 802.01C (i.e., share price standard), the Company has six months following its receipt of the NYSE notice to regain compliance with the minimum share price requirement. The Company can regain compliance with Section 802.01C at any time during the six-month cure period if the Companys common stock has a closing share price of at least $1.00 and 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 the last trading day of the cure period.
To indicate the Companys desire and ability to regain compliance with Section 802.01B (i.e., market capitalization standard) within 18 months, the Company will submit a business plan to the NYSE within 45 days from its receipt of the NYSE notice. If the NYSE approves the Companys business plan, the Companys shares will continue to be listed and traded on the NYSE during the 18-month cure period, subject to its compliance with other NYSE continued listing standards.
There is no immediate impact on the listing of the Companys common stock, which will continue to trade on the NYSE, subject to the Companys compliance with other listing standards, under the symbol GDP but with the added designation of .bc to indicate the Companys below compliance status. The Company will continue to work directly with the NYSE to ensure the NYSE is aware of the Companys progress.
Goodrich Petroleum Corporation is an independent oil and gas exploration and production company listed on the New York Stock Exchange.