PetroQuest Energy, Inc. (OTCMKTS:PTQEP) 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.
On May 4, 2018, PetroQuest Energy, Inc. (the “Company”) received written notice from NYSE Regulation that the staff of NYSE Regulation had determined to suspend trading in the Company’s common stock immediately and commence proceedings to delist the Company’s common stock from the New York Stock Exchange (the “NYSE”). NYSE Regulation reached its decision to delist the Company’s common stock to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000.
The Company has a right to a review of the NYSE Regulation staff’s determination by a Committee of the Board of Directors of the NYSE, and the NYSE will apply to the Securities and Exchange Commission to delist the Company’s common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision. The Company is presently considering what actions, if any, it may take in response to the decision.
The Company’s common stock began trading on the OTCQX market on Monday, May 7, 2018 under the symbol PQUE.
The delisting of the Company’s common stock could negatively impact the Company by (i) reducing the liquidity and market price of the Company’s common stock; (ii) reducing the number of investors willing to hold or acquire the Company’s common stock, which could negatively impact the Company’s ability to raise equity financing; (iii) limiting the Company’s ability to use a registration statement to offer and sell freely tradable securities, thereby preventing the Company from accessing the public capital markets; and (iv)impairing the Company’s ability to provide equity incentives to its employees.
Item 7.01 Regulation FD Disclosure.
On May 7, 2018, the Company issued a news release announcing that shares of the Company’s common stock began trading on the OTCQX market. A copy of the news release is furnished as Exhibit 99.1 hereto.
In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit NumberDescription of Exhibit
PETROQUEST ENERGY INC ExhibitEX-99.1 2 otcpressrelease.htm EXHIBIT 99.1 Exhibit NEWS RELEASEFor further information,…To view the full exhibit click here
About PetroQuest Energy, Inc. (OTCMKTS:PTQEP)
PetroQuest Energy, Inc. is an oil and gas company. The Company is engaged in exploratory, development and acquisition activities. The Company has approximately 30 gross exploratory wells and over 30 gross development wells. The Company has reserves in various areas, including East Texas, Gulf Coast Basin and Oklahoma Woodford. Its annual production from East Texas area is approximately 114.1 billions of cubic feet equivalent (Bcfe); Gulf Coast Basin is over 43.9 Bcfe, and Oklahoma Woodford is approximately 20.0 Bcfe. The net production from its East Texas assets averages over 30.4 millions of cubic feet equivalent (MMcfe) per day. Production from Gulf Coast Basin area totals approximately 37.8 MMcfe per day. The average daily production from its Oklahoma-Woodford properties totals over 25 MMcfe per day. The Company sells its oil and natural gas production under fixed or floating market contracts.
