CLAYTON WILLIAMS ENERGY, INC. (NYSE:CWEI) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01 – Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
CLAYTON WILLIAMS ENERGY, INC. (NYSE:CWEI) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On January 10, 2017, Clayton Williams Energy, Inc. (the “Company”) filed an interim written affirmation with the New York Stock Exchange (the “NYSE”) notifying the NYSE that, as a result of the resignation of Mr. Ted G. Gray, Jr. from the board of directors of the Company (the “Board”) as described below, the Company is not currently in compliance with Section 303A.07(a) of the NYSE’s Listed Company Manual because the audit committee (the “Audit Committee”) of the Board consists of only two members. On January 10, 2017, the Company received a letter from the NYSE indicating that if the Company is not able to cure this deficiency by January 18, 2017, a “BC” indicator will be added to the Company’s ticker symbol “CWEI” on January 20, 2017 to denote that the Company is not in compliance with the NYSE’s continued listing standards. The Company’s common stock will continue to be listed and traded, subject to compliance with the other continued listing requirements, and the “BC” indicator will be removed when the Company is compliant with all NYSE listing standards.
The Board intends to commence its search for and appoint an independent director to the Board to serve as the third member of the Audit Committee as soon as practicable.
Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 5, 2017, the Company received notice from Mr. Ted G. Gray, Jr., of his resignation from the Board and all committees thereof, effective immediately. There was no disagreement between Mr. Gray and the Board, the Company, or the Company’s management regarding any matter relating to the Company’s operations, policies or practices. Mr. Gray was a member of the Audit, Compensation and Nominating and Governance Committees of the Board.
About CLAYTON WILLIAMS ENERGY, INC. (NYSE:CWEI)
Clayton Williams Energy, Inc. is an oil and gas company engaged in the exploration for and production of oil and natural gas. The Company operates in Texas, Louisiana and New Mexico. Its segments include oil and gas exploration and production, and contract drilling services. It has holdings in approximately two oil shale plays in the United States, which include Wolfcamp Shale in the Southern Delaware Basin of West Texas and the Eagle Ford Shale in the Giddings Area of East Central Texas. It is also engaged in finding reserves through exploratory drilling. Its exploration program consists of generating exploratory prospects, leasing the acreage related to these prospects, drilling exploratory wells on these prospects to determine if recoverable oil and gas reserves exist, drilling developmental wells on these prospects and producing and selling any resulting oil and gas production. The Company’s estimated proved reserves are approximately 46,570 thousand barrels of oil equivalent. CLAYTON WILLIAMS ENERGY, INC. (NYSE:CWEI) Recent Trading Information
CLAYTON WILLIAMS ENERGY, INC. (NYSE:CWEI) closed its last trading session 00.00 at 110.50 with 248,626 shares trading hands.
Clayton Williams Energy, Inc. is an oil and gas company engaged in the exploration for and production of oil and natural gas. The Company operates in Texas, Louisiana and New Mexico. Its segments include oil and gas exploration and production, and contract drilling services. It has holdings in approximately two oil shale plays in the United States, which include Wolfcamp Shale in the Southern Delaware Basin of West Texas and the Eagle Ford Shale in the Giddings Area of East Central Texas. It is also engaged in finding reserves through exploratory drilling. Its exploration program consists of generating exploratory prospects, leasing the acreage related to these prospects, drilling exploratory wells on these prospects to determine if recoverable oil and gas reserves exist, drilling developmental wells on these prospects and producing and selling any resulting oil and gas production. The Company’s estimated proved reserves are approximately 46,570 thousand barrels of oil equivalent. CLAYTON WILLIAMS ENERGY, INC. (NYSE:CWEI) Recent Trading Information
CLAYTON WILLIAMS ENERGY, INC. (NYSE:CWEI) closed its last trading session 00.00 at 110.50 with 248,626 shares trading hands.