VAALCO Energy, Inc. (NYSE:EGY) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard Transfer of Listing.
The common stock of VAALCO Energy, Inc. (the Company) is listed
and traded on the New York Stock Exchange (the NYSE). On April6,
2017, the Company received a notice from the NYSE (the NYSE
Notice) that it was not in compliance with the NYSEs continued
listing standards set forth in Section 802.01C of the NYSE Listed
Company Manual, which require the average closing price of the
Companys common stock to be at least $1.00 per share over a
consecutive 30-trading-day period. As of April6, 2017, the 30
trading-day average closing price of the Companys common stock
was $0.97 per share.
Upon receipt of the notice of non-compliance from the NYSE, the
Company became subject to the procedures set forth in Section
802.01C of the NYSE Listed Company Manual. As required by the
NYSE, the Company will respond, acknowledging the notification,
within 10 days following receipt of the notice. Under NYSE rules,
the Company has six months from receipt of the notice to regain
compliance with the minimum share price rule. The Company expects
its common stock will continue to be listed and traded on the
NYSE during this period, subject to the Companys continued
compliance with the NYSEs other continued listing standards.
The NYSE Notice does not affect the Companys business operations
or trigger any violation of its material debt or other
obligations. The Company expects to continue to file periodic and
certain other reports with the SEC as required by federal
Item 7.01Regulation FD Disclosure.
On April10, 2017, the Company issued a press release announcing
that it had received the NYSE Notice, as described above in Item
3.01. The press release is attached hereto as Exhibit 99.1 to
this Current Report on Form 8-K. The information included in this
Current Report on 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, unless the registrant specifically states that the
information is to be considered filed under the Exchange Act or
incorporates it by reference into a filing under the Exchange Act
or the Securities Act of 1933, as amended.
Item 9.01Financial Statements and Exhibits.
Press Release, dated April10, 2017
About VAALCO Energy, Inc. (NYSE:EGY)
VAALCO Energy, Inc. is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of crude oil and natural gas. Its segments include Gabon, Angola, Equatorial Guinea, the United States, and Corporate and other, which includes corporate and operations support. It owns producing properties and conducts exploration activities as an operator in Gabon, West Africa; conducts exploration activities as an operator in Angola, West Africa, and participates in exploration and development activities as a non-operator in Equatorial Guinea, West Africa. In the United States, it operates unconventional resource properties in North Texas and hold undeveloped leasehold acreage in Montana. It also owns minor interests in conventional production activities as a non-operator in the United States. Its Etame Marin block is located offshore the Republic of Gabon. It owns over 640-acre lease in the Hefley field (Granite Wash formation) in North Texas. VAALCO Energy, Inc. (NYSE:EGY) Recent Trading Information
VAALCO Energy, Inc. (NYSE:EGY) closed its last trading session up +0.049 at 0.950 with 213,327 shares trading hands.