Pacific Coast Oil Trust (NYSE:ROYT) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

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Pacific Coast Oil Trust (NYSE:ROYT) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Pacific Coast Oil Trust (NYSE:ROYT) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On November 27, 2019, Pacific Coast Oil Trust (the “Trust”) received written notification (the “Notice”) from the New York Stock Exchange (“NYSE”) that the Trust no longer satisfies the continued listing compliance standards set forth under Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Trust’s units of beneficial interest fell below $1.00 over a 30 consecutive trading-day period that ended November 25, 2019.

Upon receipt of the Notice, the Trust became subject to the procedures set forth in Section 802.01C of the NYSE Listed Company Manual, and on December 3, 2019, the Trust acknowledged receipt of the Notice.

The Trust can regain compliance with the minimum price continued listing requirement if, at any time in the six-month period following receipt of the Notice, the closing price of its units of beneficial interest on the last trading day of any month is at least $1.00 and the 30 trading-day average closing price of its units of beneficial interest on such day is also at least $1.00. Neither the Trust nor The Bank of New York Mellon Trust Company, N.A., which serves as the trustee of the Trust (the “Trustee”), has any control over the trading price of the units of beneficial interest, and neither the Trust nor the Trustee intends to attempt to cause a reverse split of the units or other action in an effort to affect the trading price of the units. Even if the Trust does regain compliance, it might be unable to maintain compliance, and would again become subject to the NYSE delisting procedures.

Subject to the Trust’s compliance with the other continued listing requirements set forth in the NYSE Listed Company Manual, during the applicable cure period the Trust’s units of beneficial interest are expected to continue to be listed and traded on the NYSE under the symbol “ROYT” but will have an added designation of “.BC” to indicate its status as below compliance. As previously disclosed, the Trust is not in compliance with the NYSE’s continued listing requirements under the timely filing criteria outlined in Section 802.01E of the NYSE Listed Company Manual because the Trust failed to timely file its Quarterly Report on Form 10-Q for the period ended September 30, 2019 (the “Form 10-Q”), and therefore the Trust has six months from November 12, 2019 to file the Form 10-Q with the Securities and Exchange Commission, subject to the NYSE’s discretion to extend the grace period for an additional six months or to commence delisting proceedings at any time. The Trust will be required to regain compliance with each of the foregoing continued listing requirements to avoid delisting.

No assurance can be given that the Trust will be able to regain compliance with the aforementioned listing requirements or maintain compliance with the other continued listing requirements set forth in the NYSE Listed Company Manual. If the Trust’s units of beneficial interest ultimately were to be suspended from trading on, and delisted from, the NYSE for any reason, it could have adverse consequences including, among others: lower demand and market price for the Trust’s units of beneficial interest; adverse publicity; and a reduced interest in the Trust from investors, analysts and other market participants.

Item 7.01 Regulation FD Disclosure.

On December 3, 2019, the Trust issued a press release, in accordance with and as required by the rules of the NYSE, announcing receipt of the Notice described in Item 3.01 above. The press release is attached as Exhibit 99.1 to this Form 8-K.

The information included in this Form 8-K under Item 7.01 and Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

This Form 8-K contains forward-looking statements, including all statements other than statements of historical fact. No assurances can be given that such statements will prove to be correct. Whether the Trust will be able to regain compliance with the listing requirements described above or maintain compliance with the other continued listing requirements set forth in the NYSE Listed Company Manual will be determined by factors outside

of the control of the Trust and the Trustee, including oil and gas commodity prices, actions of market participants, and whether the Trust is able to engage a suitable replacement for PricewaterhouseCoopers LLP to serve as the Trust’s independent registered public accounting firm. Statements made in this Form 8-K are qualified by the cautionary statements made in this Form 8-K. The Trust and the Trustee do not intend, and assume no obligation, to update any of the statements included in this Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release dated December 3, 2019.

Pacific Coast Oil Trust Exhibit
EX-99.1 2 a19-24353_1ex99d1.htm EX-99.1 Exhibit 99.1   Pacific Coast Oil Trust   Pacific Coast Oil Trust Announces Receipt of Notice from NYSE Regarding Continued Listing Standards   Pacific Coast Oil Trust The Bank of New York Mellon Trust Company,…
To view the full exhibit click here

About Pacific Coast Oil Trust (NYSE:ROYT)

Pacific Coast Oil Trust is a statutory trust formed by Pacific Coast Energy Company LP (PCEC). The Trust is engaged in acquiring and holding net profits and royalty interests in certain oil and natural gas properties located in California for the benefit of the Trust unitholders. The Underlying Properties consist of producing and non-producing interests in oil units, wells and lands located onshore in California in the Santa Maria Basin, which contains PCEC’s Orcutt properties, and the Los Angeles Basin, which contains PCEC’s West Pico, East Coyote and Sawtelle properties. The Underlying Properties consist of the proved developed reserves referred to as the Developed Properties and all other development potential on the Underlying Properties, which are referred to as the Remaining Properties. Production from the Developed Properties attributable to the Trust is produced from wells that, because they have already been drilled and require limited additional capital expenditures.