Press release from Marketwire
Lone Pine Resources Receives Notice of Failure to Satisfy an Additional New York Stock Exchange Continued Listing Standard
Wednesday, June 19, 2013
Lone Pine Resources Receives Notice of Failure to Satisfy an Additional New York Stock Exchange Continued Listing Standard17:29 EDT Wednesday, June 19, 2013
CALGARY, ALBERTA--(Marketwired - June 19, 2013) - Lone Pine Resources Inc. ("Lone Pine" or the "Company") (TSX:LPR)(NYSE:LPR) today announced that the Company has received a notice of failure to satisfy an additional New York Stock Exchange ("NYSE") continued listing standard because the Company's average global market capitalization was less than US$75 million over a consecutive 30 trading-day period. Under applicable NYSE procedures, the Company has 45 days from the receipt of the notice to submit a plan to the NYSE to demonstrate its ability to achieve compliance with the continued listing standards within 18 months. The Company intends to submit a plan that will demonstrate its ability to regain compliance with the continued listing standards within the required time frame. However, there can be no assurance that the Company's plan will be accepted by the NYSE or that the Company will be able to achieve compliance with the NYSE's continued listing standards within the required time frame, at which time the Company may become subject to suspension and delisting proceedings.
The Company previously announced on May 28, 2013 that the NYSE notified the Company that it was not in compliance with the NYSE's continued listing standard related to maintaining a consecutive 30 trading-day average closing price for its common stock at or above US$1.00 per share.
The Company's common stock continues to trade on the NYSE, but the NYSE will continue to transmit the Company's trading symbol with a ".BC" indicator until the Company is in compliance with all NYSE continued listing standards. The Company's common stock also continues to trade on the Toronto Stock Exchange under the symbol "LPR," and that listing is not affected by the receipt of the NYSE notification. In addition, the Company's U.S. Securities and Exchange Commission and Canadian securities regulatory authority reporting requirements are not affected by the receipt of the NYSE notification.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Canadian securities laws. All statements, other than statements of historical facts, that address activities that Lone Pine assumes, plans, expects, believes, projects, aims, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements provided in this news release are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Lone Pine cautions that its ability to regain compliance with the NYSE's continued listing standards, its intention to submit a plan that will demonstrate its ability to regain compliance with applicable continued listing standards and other forward-looking statements relating to Lone Pine are subject to all of the risks and uncertainties normally incident to such endeavors and to Lone Pine's business of exploring for, developing, producing and selling oil and natural gas.
These risks relating to Lone Pine include, but are not limited to, oil and natural gas price volatility, its access to cash flows and other sources of liquidity to fund its capital expenditures, its level of indebtedness, its ability to replace production, the impact of the current financial and economic environment on its business and financial condition, a lack of availability of, or increase in costs relating to, goods and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves and other risks as described in reports that Lone Pine files with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and the other reports that Lone Pine files with the SEC and with Canadian securities regulators. Any of these factors could cause Lone Pine's actual results and plans to differ materially from those in the forward-looking statements.
Lone Pine Resources Inc. is engaged in the exploration and development of natural gas and light oil in Canada. Lone Pine's principal reserves, producing properties and exploration prospects are located in Canada in the provinces of Alberta, British Columbia and Quebec and the Northwest Territories. Lone Pine's common stock trades on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LPR. For more information about Lone Pine, please visit its website at www.lonepineresources.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lone Pine Resources Inc.
President & Chief Executive Officer
Lone Pine Resources Inc.
Vice President, Finance & Treasurer